Alexei Ulyukayev, the Central Bank's first deputy chairman, said such measures would not be necessary because the country's macroeconomic condition remains strong.
"We have a good balance of payments, large reserves and the basic economic indicators are strong," Ulyukayev said in comments on Ekho Moskvy radio.
"Just because the global financial crisis has hit our shores does not mean that the ruble has to be significantly devalued," he added.
Separately, First Deputy Prime Minister Igor Shuvalov said Russia would not allow any drastic volatility in the ruble, which dropped to two-year lows against the dollar last week.
"It's important to understand that the Central Bank has the full arsenal of measures and financial resources not to allow any sharp fluctuations, upward nor downward, in the value of the Russian currency," Shuvalov said on Vesti-24.
"Right now, everyone in the government and the Central Bank believes that sudden changes in the national currency's value is detrimental and must not be allowed by any means," he added.
Ulyukaev said that although capital outflows have continued in October, they would be significantly less severe than last month, when around $25 billion was pumped out of Russia.
"There are going to be outflows, but much less than in September," he said.
Citing preliminary figures, Ulyukaev said the net capital flows were still positive for the first nine months of 2008, with inflows amounting to $800 million between January and the end of September.
By year's end, outflows are expected to reach $20 billion, down from the earlier inflow forecast of $40 billion to $80 billion. Ulyukaev said the Central Bank has informed the banks that it is watching their currency operations closely to monitor the flow of capital.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.