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Transition to free float unlikely to further weaken ruble — minister

October 22, 2014, 12:19 UTC+3
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MOSCOW, October 22. /TASS/. The Russian Central Bank’s transition to ruble free float in 2015 amid falling world oil prices is unlikely to put further pressure on the national currency, Economic Development Minister Alexey Ulyukayev said on Wednesday.

“In my understanding, the ruble is largely a floating currency already in many ways. I don’t think that something will change radically,” Ulyukayev said.

The Russian Central Bank plans to switch to inflation targeting and ruble free float from 2015. Central Bank officials have stated on many occasions lately that they do not intend to give up the transition to this regime.

The regulator’s plans to switch to inflation targeting and the free float were confirmed last week by Central Bank chief Elvira Nabiullina. She said the regulator was determined to carry through its plans, despite Russia’s faltering economy, great uncertainty over the country’s further economic development and high financial and foreign exchange market volatility.

The Russian ruble has been depreciating rapidly in the past few months amid falling world oil prices and high capital flight.

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