Russia Currency Derivatives Aren’t a Threat, Nabiullina Says
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Russia’s financial stability isn’t under threat from currency-derivative operations conducted by companies as the ruble slides, central bank Governor Elvira Nabiullina said.
Most of the over-the-counter derivatives have already been terminated and the central bank doesn’t expect more risks to emerge, Nabiullina said in Moscow today. Companies lost tens of billions of rubles when they were forced to close out contracts after Russia accelerated a plan to adopt a free float last month, Sergey Moiseev, the Bank of Russia’s head of financial stability, said yesterday, according to Interfax.