Russia's Medvedev pledges stable ruble rate amid crisis

MOSCOW. February 16. KAZINFORM Russia's Central Bank believes the current ruble exchange rate to the U.S. dollar and euro reflects its real market rate and will prevent its sharp fluctuations, Russian President Dmitry Medvedev said Sunday.

Responding to the global financial crisis, Russia's monetary authorities have gradually devalued the ruble by more than 30% against the dollar/euro basket used by the Central Bank as a benchmark guideline in its foreign exchange operations, setting the lower limit of its fluctuations at 41 rubles. On Thursday, however, the ruble exchange rate increased by more than 1 ruble to 34.80 against the U.S. dollar and 44.97 against the euro; Kazinform cites RIA Novosti. "At the current moment, the exchange rate reflects, in the opinion of the Central Bank, its real position and its real solvency," Medvedev said, adding that the country's monetary authorities would keep the situation under control.