SINGAPORE, September 27 (Itar-Tass) —— The Russian national currency unit, the rouble, is utterly underestimated, a Russian top business executive told Itar-Tass on Tuesday.
“The rouble, as well as the Russian market depend heavily on what is going on on the global markets, including on markets of raw resources,” said Anton Rakhmanov, the managing director of Troika Dialog managing company. “The situation is rather contradictory, but taking into account the money issue The European Central Bank and United States Federal Reserve System will release into the market in the near future, it is absolutely logical to hope that there will be no large-scale liquidity outflows on the financial markets.”
“As a matter of fact, the Russian rouble depends on two things, i.e. oil prices and capital movements,” he went on. “The oil prices are not to go down sharply. The Russian rouble is to stabilize at this level, although, basically, it is utterly underestimated.”
Rakhmanov in taking part in the 6th Russian-Singaporean business forum, which ends here on Tuesday. Traditionally, the forum is attended by businessmen and politicians from the two countries. This year, among its participants are CEO of one of Russia’s biggest banks, Sberbank, German Gref, chairman of the board of directors of the Troika Dialog group of companies Ruben Vardanyan, head of Russia’s republic of Tatarstan Rustam Minnikhanov, and Singapore’s first Prime Minister Lee Kuan Yew.
In the mean time, the CEO from one of Russia’s biggest banks, Sberbank, German Gref said the rouble exchange rate is highly unlikely to downswing. “The exchange rate is currently at about 32 roubles, and I don’t expect it to go sharply down,” he said.
The rouble exchange rate might go down to follow a drop in global oil prices, he said and added that even if global oil prices actually go down, this downslide will not be for long. “It is quite obvious that in the long-term perspective oil may not be very cheap,” he said. “The balance of payments will be fixed up along with the rouble exchange rate.”
In his words, currently no considerable sums are being withdrawn from rouble deposits. “Those who changed their deposit currencies in the period of the previous crisis, have, as a matter of fact, lost twice. Today, the situation is stable enough and the Central Bank of Russia has reserves enough to keep it under control,” Gref said.