Russian currency market to stabilize soon, finance minister says
The situation on the Russian currency market is to stabilize soon, said Finance Minister Anton Siluanov.
According to him, in the near future, the situation on the currency market should stabilize." Siluanov explained at a meeting with investors in Hong Kong, that the ruble rate in Russia was a fluctuating one. The rate depends on several factors, primarily on the flow of capital and interest rates. The Central Bank is involved in the exchange rate process, supporting the rate within certain parameters of the currency corridor."
Since the beginning of 2014, the ruble has fallen against the dollar by 2.9 rubles and against the euro by - 3.6 rubles. As for the currency basket, the rate went down by 3.2 rubles. Siluanov stressed out that the activity of the Ministry of Finance to purchase currency for the replenishment of the Reserve Fund should not affect the market.
The minister believes that the dollarization of the Russian economy has been shrinking. The ruble gradually becomes a currency for savings and transactions.
"The level of dollarization of the economy has decreased. The role of the Russian ruble has been growing inside the country as a currency for savings and settlements. The share of the currency debt is very low," Siluanov was quoted by Prime as saying.