The Russian economy has been restored following significant restructuring, Central Bank head Elvira Nabiullina said Saturday.
“Our economy has not only restored itself, it has undergone significant restructuring,” Nabiullina said in an interview to the Russian Vesti TV program, adding that the Russian economy is now more stable, having survived the 1998 and 2008 economic crises.
On Monday, Nabiullina announced that Russia’s banking system is stable even with considerable changes in the ruble’s exchange rate.
On November 5, the Central Bank said that it had drastically decreased its support for the national currency, which has weakened the ruble. The ministry added it was pursuing a transition to free floating currency exchange rates.
On November 10, Russian President Vladimir Putin said that Russia expected the ruble’s fluctuation to end soon and was ready to use currency intervention, if necessary, in order to stabilize the market.