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Ruble support measures start working, time of sharp fluctuation nearing end — IMF

January 16, 2015, 16:34 UTC+3 MOSCOW. January 16.
In November and January, the ruble fell against the dollar by 51% to 65 rubles, while the euro fell by 40% to 75.5 rubles
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© TASS/Sergei Konkov

MOSCOW. January 16./TASS/ The time of ruble value's sharp fluctuation is nearing its end, the state measures to support the national currency began to work, head of the Resident Mission of the International Monetary Fund (IMF) in Russia Bikas Joshi said on Friday.

"It seems that the period of sharp ups and downs is coming to an end. The measures that were taken are beginning to work, that is the increase in the key rate, and support for the banking system, and the provision of foreign currency, liquidity to market participants. All of this is supporting the ruble, and will probably be maintaining it in the future,” Joshi said.

In November and January, the ruble fell against the dollar by 51% to 65 rubles, while the euro fell by 40% to 75.5 rubles. During that time the oil prices dropped by 40% to $49 per barrel.

"No one knows where the oil prices will go. We do not expect the prices to go down in the near future — we are looking at the futures and see that they suggest a slight increase. Of course, not to the prices that we saw before, but it will still be an increase," Joshi said.

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