NOVO-OGARYOVO, Moscow Region, Feb 17 (PRIME) -- The current strengthening of the ruble has no underlying fundamental factors behind it, and will soon be replaced with easing of the currency and its stabilization, Economic Development Minister Maxim Oreshkin told reporters on Friday.
“What we saw last month is some strengthening of the ruble. Everyone is of the same opinion here. We think that the strengthening which we see on the market is of a short-term nature and is not connected to any fundamental factors,” Oreshkin said.
“On the whole we expect some weakening of the ruble soon and its stabilization later.”
He said that a capital inflow, including from privatization deals, and a strong foreign account balance, traditional for January–March, was behind the ruble firming.
After the statement, the ruble fell 47 kopecks against the U.S. dollar to 58.07 and by 33 kopecks against the euro to 61.77 as of 1:23 p.m., Moscow time.
Oreshkin said: “No changes in the actions of the authorities are planned. Here, like was announced, the central bank will stick to the floating ruble policy. The Finance Ministry, in turn, will continue to carry out the purchases which started on February 7. The Finance Ministry buys about U.S. $100 million every day.”
He added that the government will react if the situation requires that.
The ruble will decrease to a certain extent and then stabilize, he said.
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