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Russian Central Bank to prevent wild swings in ruble - Shuvalov

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The Russian Central Bank will not allow sharp fluctuations in the ruble exchange rate, First Deputy Prime Minister Igor Shuvalov said on Saturday.
MOSCOW, October 25 (RIA Novosti) - The Russian Central Bank will not allow sharp fluctuations in the ruble exchange rate, First Deputy Prime Minister Igor Shuvalov said on Saturday.

Speaking to journalists, Shuvalov also said the share prices of Russian companies did not reflect their true value or the state of the Russian economy, which he said was extremely durable.

"The Russian Central Bank has the full range of measures and financial resources to prevent sharp fluctuations - either up or down - in the Russian currency," Shuvalov said, dismissing rumors that there may be wild swings in the exchange rate.

"The government and Central Bank consider that sharp changes in the rate of the national currency would be damaging, and this will not be allowed to happen under any circumstances," he said. "Therefore these are only harmful rumors."

The first deputy prime minister also said Russian companies were undervalued on the stock market.

"The amount that the companies' shares are worth on the stock exchange is due to a low volume of trade," Shuvalov told journalists. "We can say at this moment that the current price has nothing in common with their real value."

"Rosneft and others are highly profitable companies, which are developing in a very stable way and have high ratings," Shuvalov said.

"When the international financial system stabilizes ... the Russian stock market will grow more quickly than other markets," he said. "Therefore, at the moment, investors should calm down."

Shuvalov also said the government would keep a close eye on banks to make sure they were not raising borrowing rates unreasonably.

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