Weaker rouble will not benefit Russian economy

20.06.2013 17:47
Weaker rouble will not benefit Russian economy

YEREVAN, 20. / ARKA /. A weaker rouble will not benefit the Russian economy, Deputy Central Bank Chairman Alexei Ulyukayev said on Thursday, when talking to journalists on the sidelines of the St. Petersburg International Economic Forum.

Ulyukayev, who is soon expected to leave his post at the central bank and take over as economy minister, said that the bank is not considering any changes to the rouble's trading corridor.
"Both, us and the market participants, are happy with the width of the basket (corridor) and the rules for our market interventions, they are clear," Ulyukayev said.

"This is not a question for now." The central bank keeps rouble in a floating corridor against a dollar-euro basket of 31.65 to 38.65.

On June 17 Finance Minister  Anton Siluanov said the ministry will use oil revenue destined for the Reserve Fund to buy currency on the market and weaken the ruble by 1 to 2 rubles ($0.03 to $0.06).
He said  strictly "market mechanisms, rather than administrative methods," would be used, adding also that  the measure would make exports more competitive, while a 1 ruble drop in the exchange rate could bring an additional 190 billion rubles ($6 billion) into the budget. The scheme may be launched as early as August. -0-

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