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No fundamental factors for ruble’s further fall — Medvedev

The Russian government and the Central Bank do not plan any restrictions for foreign currency sale or capital controls, Prime Minister Dmitry Medvedev said

Russian Prime Minister Dmitry Medvedev Yekaterina Shtukina/TASS

Russian Prime Minister Dmitry Medvedev

© Yekaterina Shtukina/TASS

MOSCOW, November 11. /TASS/. No fundamental factors exist in Russia for the ruble’s further weakening, Prime Minister Dmitry Medvedev said on Tuesday.

The Russian Central Bank should be heard by market players and understood correctly and the ruble exchange rate will stop to be affected by the speculative element, Medvedev told a government meeting.

“All the more so as there are no fundamental reasons for the ruble’s further weakening,” Medvedev said.

The Russian government and the Central Bank do not plan any restrictions for foreign currency sale or capital controls, Medvedev noted.

“I would like to say responsibly that the position of the Russian government and the Central Bank on this issue is unanimous: no restrictions on foreign currency sales should be imposed,” Medvedev stressed.

Speculators contributed to the ruble’s weakening on the domestic foreign exchange market, Medvedev said. “We have witnessed the ruble’s sharp volatility lately. All analysts admit that the ruble is strongly undervalued. This was also due to speculators’ attacks,” the premier said.

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