Cbanker says ruble still under influence from oil prices

ST. PETERSBURG, Jul 14 (PRIME) -- Dynamics of world oil prices still have an impact on the ruble rate, though the dependency has shrank, Igor Dmitriyev, head of the monetary policy department of the central bank, told reporters on Friday.

“I don’t think that oil lost its influence on the ruble, though the elasticity of short-term fluctuations of oil prices, or the way these fluctuations have an impact on the ruble, has decreased,” he said.

“Fluctuations of the trend (of influence on the ruble) are more connected with short-term capital flows now.”

The major influence on the ruble is exerted by the current account, trade balance, and trade. “And oil prices are one of the sides here,” he said.

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