Kremlin Says Macroeconomic Environment in Russia Stable Despite Depreciation of Ruble

The Russian authorities are managing to minimize the volatility of the ruble exchange rate and to maintain macroeconomic stability, Kremlin spokesman Dmitry Peskov told reporters on Monday, TASS informed.

“The ruble is breaching psychological thresholds, but volatility is minimized by the efforts of our regulator,” a Kremlin spokesman said, commenting on the depreciation of the ruble.

He drew attention to the fact that “now any world currency is under serious negative pressure from a number of circumstances in the global economy.”

“This includes the dynamics of energy consumption and changes in prices for petroleum products and oil – of course, all this has an impact,” the official noted.

“But in general, if we talk about macroeconomic stability, it is being maintained, as the president [Vladimir Putin] said,” he stressed.

The Kremlin spokesman commented on a recent statement of the president, who said that one should not pay too much attention to the ruble exchange rate.

“In our country, the overwhelming majority of our fellow citizens receive their income in rubles. As we reduce our dependence on imports, the volatility [of the ruble exchange rate], accordingly, affects the dynamics of price changes less and less,” the Kremlin spokesman explained.

Peskov noted that “[the government’s] economic bloc and the regulator are doing whatever is necessary to ensure macroeconomic stability.”

“They really manage to provide and maintain it,” Peskov told reporters.