Russia not seeking weaker Ruble – Fin Min

Russia’s finance minister told CNBC it was not in the country’s interest to devalue the ruble, although last month he argued that a weaker currency would help boost flagging economic growth.

Speaking at the G-20 meeting of finance ministers in Moscow, Anton Siluanov said neither Russia’s finance ministry nor its central bank had plans to interfere with the currency.

“We have no aim to weaken or strengthen the ruble. We are coming from – and are in – the situation of having a balance of demand and supply on ruble liquidity,” he said on Saturday.

“It’s not in our interest to have sharp fluctuations of the ruble. We are for the ruble to be fluctuating within the narrow corridors that have been created.”

Siluanov said in June that he would welcome a weaker ruble to boost Russia’s weakening economy.

Russia’s economy grew by 1.6 percent year-on-year in the first quarter of 2013 – its slowest since 2009. The government forecasts that gross domestic product will come in at 2.4 percent in 2013, a significant fall from 2012’s 3.4 percent.


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Mingze Wu

Mingze Wu

Currency Analyst at Market Pulse
Based in Singapore, Mingze Wu focuses on trading strategies and technical and fundamental analysis of major currency pairs. He has extensive trading experience across different asset classes and is well-versed in global market fundamentals. In addition to contributing articles to MarketPulseFX, Mingze centers on forex and macro-economic trends impacting the Asia Pacific region.
Mingze Wu