Apr 27, 2015

Russian Finance Minister: “Ruble too strong”

[…] The Russian ruble has become too strong, Russian Finance Minister Anton Siluanov said Friday, commenting on the measures taken by Russia’s Central Bank at the end of 2014 — beginning 2015.

“What was expected happened: the volume of gold reserves has stabilized, then the ruble started stabilizing and has now strengthened. We believe that it has extremely strengthened, it’s too much,” Siluanov said.

Siluanov said that at the end of 2014, the demand for foreign currency from Russians increased because of the weakening ruble, which led to the outflow of capital and sped up the inflation rate.

The Russian currency lost 46 percent of its value in 2014, falling to 67.8 rubles to the dollar in December 2014, amid the continuing decrease in oil prices. However, this year the ruble managed to strengthen its position and climb to 51.6 rubles to the dollar, according to the rate set by the Russian Central Bank for Friday. […]

Read in full Ruble Has Become Too Strong – Russian Finance Minister at Sputnik International