Russia to move gradually towards floating ruble rate, using reserves for balancing - Putin

Russia will move gradually towards a floating ruble exchange rate, using international reserves for balancing purposes, President Vladimir Putin said at a meeting of the Valdai discussion club.

Russia will move gradually towards a floating ruble exchange rate, using international reserves for balancing purposes, President Vladimir Putin said at a meeting of the Valdai discussion club.

"We'll be monitoring our gold and forex reserves and the national currency's exchange rate. We'll be making a gradual transition to a floating rate, we won't be burning our reserves thoughtlessly, but using them for a certain balancing," he said.

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