Reshetnikov said when the ruble will return to its "fundamental values"

The ruble exchange rate will return to its "fundamental values" once market turmoil subsides, Russian Economic Development Minister Maxim Reshetnikov told RBC.

"The ruble's exchange rate fluctuations this week are driven by one-off factors, including speculative ones. Fundamentally, the trade balance is strong: over the last two months, its figures have been higher than they were in the summer," he said.

Reshetnikov reported stable export operations and a recovery in imports, as evidenced by settlements under foreign trade contracts. However, he added, "adaptation will be required to the latest anti-Russian sanctions," which have impacted banking mechanisms and the channels for foreign currency inflows into the domestic market.

"At the same time, in the absence of exchange trading, volatility in the financial market is somewhat increased, and additional foreign currency inflows or increased demand for it could lead to significant fluctuations in the exchange rate," the minister noted.

The Central Bank, in coordination with the government, is taking measures to reduce the "amplitude of such surges," Reshetnikov concluded.

On November 27, the ruble exchange rate against the dollar on the Forex market broke March 2022 records. It initially fell to 114 rubles per dollar , then strengthened slightly to 112 rubles after the suspension of currency purchases until the end of the year as part of the budget rule. As of 3:00 PM Moscow time on November 29, the Central Bank set the ruble exchange rate against the dollar at 109.58 rubles.

The Central Bank also considered the ruble's collapse to be temporary. Russian President Vladimir Putin assured that the situation is under control.

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