Russia says rouble is volatile but in line with expectations
Adds Reshetnikov's quote in para 9, background in para 7
MOSCOW, Oct 22 (Reuters) -The Russian rouble's current exchange rate volatility is high but the rate remains in line with the government's expectations, Interfax news agency quoted Economy Minister Maxim Reshetnikov as saying on Tuesday.
The official exchange rate of the rouble has fallen 13% against the U.S. dollar since Aug. 6, when the Ukrainian army's incursion into Russia's Kursk region triggered a slide against all major currencies, including China's yuan.
The rouble approached the 100 mark to the dollar on Oct. 15 but has since then regained some ground, backed by increased forex sales by the state in October and expectations of an interest rate hike by the central bank at the Oct. 25 meeting.
In rare official public comments on the exchange rate, Reshetnikov blamed Western sanctions, which halted stock exchange trading in dollars and euros, for the increased volatility of the Russian currency.
"We understand that volatility has increased significantly because there is no exchange mechanism, and consequently, no financial institutions to smooth it out," Reshetnikov was quoted as saying.
Western sanctions, imposed on the Moscow Stock Exchange (MOEX) and its clearing agent, the National Clearing Centre, on June 12, made China's yuan the most-traded foreign currency in Russia while trade in dollars and euros has shifted to the over-the-counter (OTC) market, obscuring price data.
Reshetnikov added that in such circumstances any large purchases of foreign currency by exporters or importers immediately caused volatility, and a certain capital outflow due to corporate debt payments also contributed.
He also complained about the need to collect diverging data from forex-trading banks as one of the factors behind volatility.
Reshetnikov said that the current exchange rate was in line with the government's macroeconomic forecasts which see the rouble at an average rate of 96.5 to the dollar, around current levels, in 2025 and at 100 in 2026.
"Fundamentally, the situation is developing as we predicted," said Reshetnikov, stressing that foreign trade flows as well as export revenues were still strong despite the recent cross-border payment problems with some countries.
Reporting by Gleb Bryanski; editing by Jason Neely, Kirsten Donovan, William Maclean
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