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Russian currency bound to weaken rather than strengthen - Kudrin

May 20, 2:26 UTC+3 MOSCOW

"I see a greater possibility for a slump of oil prices than for their growth and that’s why the possibility of a weakening ruble is bigger than of a strengthening ruble," former finance minister said

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MOSCOW, May 20. /TASS/. A weakining of the ruble's exchange rate is more likely than its strengthening, as the rate is pegged by 70% to the price of crude oil so far, former finance minister Alexei Kudrin, who now chairs the Center for Strategic Developments (CSR), told reporters on Friday.

"I see a greater possibility for a slump of oil prices than for their growth and that’s why the possibility of a weakening ruble is bigger than of a strengthening ruble," Kudrin said.

The economic development strategy drafted by the CSR envisions a considerable growth of exports of manufactured products and this will cut down the impact of oil prices on the ruble’s rate as a result.

"The exchange rate will stabilize but we’ll need diversification of our exports for this," Kudrin said.

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