Elvira of Nabiullina: Ilya Pitalev / RIA Novosti
Russia was able to stabilize its financial system, and banks no longer feel the consequences of Western sanctions. The head of the Central Bank of Russia Elvira Nabiullina said in an interview with German newspaper Handelsblatt.
The head of the regulator said that to stabilize the situation, Russia had to lower the rate of the ruble instead of to continue to keep it in the corridor of the exchange rate. Now sanctions can sense only those banks, which constraints directly affected. However, their situation was largely improved due to the access to the domestic financial system.
Nabiullina also said that Russia in 2014, pursuing a policy of de-dollarization to become less vulnerable to the West.
Previously in France celebrated the success of Russia abandoning the dollar in favor of such currencies, like the Euro and Chinese yuan. They said that such a policy, on the one hand, contributes to the cohesion of the BRICS countries against the United States, on the other — helps to raise and stabilize the ruble, which fell in 2018 is 17 percent. Since the beginning of 2019, the ruble resumed its growth, and the rate of the Russian currency against the dollar rose to 7.6 percent.
Video, photo All from Russia.