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Bank of Russia Rejects Ruble-Gold Peg Idea, Differs With Kremlin

  • Putin’s spokesman said earlier a ruble peg was being discussed
  • Central bank imposed capital controls after Ukraine invasion
Updated on

Bank of Russia Governor Elvira Nabiullina dismissed the idea of pegging the ruble to gold after the Kremlin said it was a proposal under consideration.

“It is not being discussed in any way,” Nabiullina told reporters at a briefing Friday after the central bank cut the key interest rate by 300 basis points. The ruble must continue to have a floating exchange rate, she said, though volatility of the currency will be higher amid capital controls imposed after Russia began its invasion of Ukraine.