Central Bank of Russia (CBR) does not expect for Russian Rouble (RUR) to weaken in a long-term prospective, CBR board chairman Sergei Ignatiev said at the State Duma.
He reminded about CBR currency policy to imply consistent Russian currency flexibility, which allows Bank of Russia to achieve its goals within the inflation control measures planned.
Early in 2010 RUR was strengthening with bi-currency basket value discreasing dramatically. Alongside this, CBR performed massive interventions within the floating currency band, purchasing foreign currencies. But, starting from May this year, bi-currency basket value strarted growing. “Considering the dramatic positive current account balance plus current oil prices at the world market, we do not expect this situation to last”, Ignatiev stated.
