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Current rouble exchange rate depends on tense geopolitical situation - finance ministry

September 20, 2014, 12:31 UTC+3 SOCHI
“Now the currency is balanced, and from the current rate it may go both up and down short-term,” the Russian Finance Ministry said
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SOCHI, September 20. /ITAR-TASS/. The current rouble exchange rate depends on the tense geopolitical situation and certain market fears caused by lower oil prices, head of the long-term strategic planning department at the Russian Finance Ministry Maxim Oreshkin said on the sidelines of the Sochi Investment Forum on Saturday.

“The rate is floating, and forecasts are not possible now,” he said.

Giving forecasts for stronger rouble was possible, for example in 2008, where interventions controlled the rate, the official said. A similar situation was in late 2013, where the Central Bank sold big amounts of currency, he added.

“Now the currency is balanced, and from the current rate it may go both up and down short-term,” he said. “Nobody is controlling it now.

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