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Russian ministry concerned over rouble’s strengthening

April 22, 2013, 20:55 UTC+3
He noted that the European market is an important market for Russia
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SOCHI, April 22 (Itar-Tass) - The Russian Minister of Economic Development Andrei Belousov voiced concern about the strengthening of the rouble.

“I voiced concern, which is quite obvious and which is that if we take 2007 as the baseline, the rouble has strengthened by about 20 percent,” he said after an economic meeting with President Vladimir Putin on Monday, April 2013.

“This tendency continues,” he said, adding that this tendency was also registered in the first quarter of the year.

“Moreover, the risk of rouble’s strengthening increases against the background of slow currency wars in the world,” he said.

There are a number of countries that are devaluating or weakening their national currencies. These are developing countries and industrialised countries, including Japan and the Euro zone.

“Devaluation is a rather sensitive thing. For example, the weakening of the Euro will automatically lead to the strengthening of the rouble, other conditions being equal,” Belousov said.

He noted that the European market is an important market for Russia.

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