Oil Prices Fluctuations Among Challenges For Russian, Kazakh Central Banks - Russian Bank

Faizan Hashmi Published November 15, 2018 | 10:03 AM

ALMATY (UrduPoint News / Sputnik - 15th November, 2018) Oil prices fluctuations and the outflow of capitals from developing markets are the main challenges facing the central banks of Russia and Kazakhstan, Elvira Nabiullina, the governor of the Russian Central Bank, said on Thursday.

"At the moment, I would note two such risks or two sources of volatility. The first one of the fluctuations in commodity goods prices. It is the important factor of influence on the economy and the finance system in Russia and Kazakhstan. The second external source of volatility is the changes in the capital flows to our markets," Nabiullina said during the 8th Congress of Financiers of Kazakhstan.

"New risks are always emerging and we always have to keep our ear to the ground ... We are sure that we will be able to neutralize the risks to financial stability in a timely manner if external shocks increase," Nabiullina added.

The halt in purchases of foreign currencies for the Russian Finance Ministry under the budget rule has become one more instrument for supporting financial stability in case of emerging external shocks, according to the Central Bank governor.