Ruble decline is explained by the ongoing macroeconomic processes in the world, the chairwoman of the Central Bank of Russia (CBR) Elvira Nabiullina said in the Pozner talk show on Channel One.

“It is not ruble weakening but dollar and euro growth versus all currencies of the emerging markets,” believes Nabiullina. “The U.S. is now gathering stable growth pace. Capital redistribution and outflow from emerging markets are underway.”

Further ruble dynamics depend on Russian and global economic growth, she added.

“Our ruble is a market currency, and its price is not fixed administratively. Now the ruble’s price is being formed by market factors,” Nabiullina said.

Asked what currency Russian people should choose to make their savings, Nabiullina cited “the golden rule of the economy: save up in the currency you use to buy”.

She added the CBR’s task is to “prevent sharp ruble fluctuations, giving enterprises and people time to adopt to new conditions.” Last year alone $27.5 billion was spent for this purpose.

According to Nabiullina, there were signs the ruble may strengthen, like Russia’s being one of the few countries with a trade surplus.