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Economics Minister: Russian ruble likely to weaken than to strengthen in 2014

Russia's Economic Development Minister Alexey Ulyukaev ITAR-TASS/Mikhail Klimentyev

Russia's Economic Development Minister Alexey Ulyukaev

© ITAR-TASS/Mikhail Klimentyev

DAVOS, January 23, 16:39 /ITAR-TASS/. Russia's Economic Development Minister Alexei Ulyukayev believes that there are more chances for weakening than for strengthening of the ruble in 2014.

“The dynamics of the Russian ruble does not differ from that of national currencies of Brazil, South Africa, South Korea and other raw materials-based and developing economies. They are in opposition to the movement of the U.S. dollar,” he said in an interview with Rossiya 24 television channel on Thursday. “If we look at major figures of our balance of payment, the current account surplus demonstrates that there are more chances for slight weakening of the national currency than for its strengthening.”

“We have almost “free floating” of the national currency,” Ulyukayev said. “The Central Bank does not set tasks to get on some course through its interventions, therefore multidirectional fluctuations may take place during this year. But there are more chances that this will be fluctuations towards weakening of the course in relation to reserve currencies than towards strengthening.

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