Russia’s VEB exec sees ruble at 62–63 per dollar by end of 2016

ASTANA, May 25 (PRIME) -- The Russian ruble can grow in the medium term and reach 62–63 rubles per U.S. dollar by the end of the year, Vnesheconombank’s (VEB) Deputy CEO Andrei Klepach, former economic development deputy minister, told reporters Wednesday.

“The ruble will be a bit stronger than now by the end of the year: 62–63 rubles per dollar,” he said.

“This certainly depends on the oil price. The mid-term trend is for strengthening of the ruble, because the majority believes that the oil price will consolidate at U.S. $50 or more (per barrel) by the end of this year or later. Exports are growing, a currency inflow is sufficient, a capital outflow is decreasing,” Klepach said.

“On the other hand, quite serious fluctuations are possible here, because an excessive amount of oil on the market remains. I do not rule out a temporary decline of the oil price and the ruble rate in summer or by autumn. But on the whole the ruble should strengthen,” he said.

The annual average oil price will most likely be $40–42 per barrel in 2016 and will exceed $50 per barrel in 2017, Klepach said.

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