Siluanov arrived in Washington to attend the 2014 Annual Meetings of the governing bodies of the International Monetary Fund (IMF) and World Bank (WB) group.
“Indeed, the dollar is firming also because of the possible interest rate increase by the Federal Reserve System (FRS),” he said. “It certainly affects most of the countries, including developing economies,” he added.
Siluanov said that just a year ago the rumours about the interest rate increase by the FRS alone caused considerable capital movement. “Therefore, the issues of the cost of money, FRS interest-rate policy, certainly affect the currency situation in Russia, in developing countries and in the world in general,” the minister said.
According to him, the ruble weakening is linked with the oil price reduction and geopolitics.
“We are monitoring the situation,” the finance minister said. “It should get into a new equilibrium. And the currency value is aiming for its equilibrium points in view of the new trade balance position and the capital flight.”
“We hope that this will happen in the near future. We will get certain new levels of the balance of payment equilibrium and will act depending on how the situation evolves,” Sluanov said.