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Govt Expects Stronger Rouble
26.03.2015 13:33
Govt Expects Stronger Rouble
Photo Credit: Alexander Nemenov / AFP

The Russian government expects the national currency to strengthen in the next six months,

      In August-September, the US dollar may drop to 40 roubles, according to the updated forecast by the Economic Development Ministry.

      Earlier, Russia-IC reported that the US dollar is unlikely to soar as high as 80 roubles, says the Central Bank’s governor.

      The regulator will only intervene in case of emergency if “the rouble’s swings threaten financial stability”, Elvira Nabiullina told Bloomberg.

      The rouble has rallied on Monday on positive news from commodities as oil prices have rebounded to around 57.65 dollars a barrel.

      The euro is currently valued at 73.91 roubles (almost a two-rouble drop) while the US dollar is worth 65.1 roubles, down 1.9 roubles.

      Earlier, Russia-IC reported that Russia is in for more trouble as 2015 is likely to see a drop in the prices of major commodities.

      According to the latest Commodity Markets Outlook, a report by the World Bank, all nine key commodity price indices may plunge following a dive in oil prices. “This broad-based weakness is expected to continue throughout 2015, before beginning a modest turn around in 2016,” runs the report.

      The World Bank’s three industrial commodity price indices – energy, metals and minerals, and agricultural raw materials – “experienced near identical declines between early 2011 and the end of 2014, of more than 35 percent each, and will continue to contract this year.”

      “Prices of precious metals are also expected to decline by 3 percent in 2015, on top of the 12 percent decline seen in 2014. Again, ample supplies, weak demand, and a strengthening U.S. dollar have weighed on prices of these commodities as well,” reads the press release.

      Food commodity prices are projected to drop by a further 4 percent in 2015 while metal prices are likely to go down by more than 5 percent. “The moderation in natural gas prices is expected to lead to a 2 percent decrease in fertilizer prices,” says the statement.

      Russia’s GDP may drop 3-4 percent in 2015 amid sanctions and rouble devaluation, says the Central Bank’s governor.

      The projection will hold true if oil prices remain around 50 dollars a barrel, Elvira Nabiullina was quoted by Bloomberg as saying.



Author: Mikhail Vesely


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