Financial Markets: Increasing Complexity, Maintaining Stability

3–5 July 2019, ST. PETERSBURG

    There is nothing extreme in the rouble’s fluctuations. People should be prepared for such fluctuations with a floating exchange rate, Russian Minister of Economic Development Maxim Oreshkin said at the International Financial Congress in St. Petersburg.

    “Yes, the rouble has weakened somewhat and some pressure could continue here. But, once again, a floating rate implies some volatility, and we must be ready for it. There is nothing concerning or extreme here”, he said.

    Oreshkin said back on July 10 that the Ministry of Economic Development does not expect sharp fluctuations in the rouble exchange rate in 2017. “We do not anticipate any sharp deviations from what we expected or from the current state. So there will not be a jump to 80 [roubles per dollar] and so on”, the minister noted.

    Oreshkin also predicted that the dollar exchange rate of around 60 roubles and the euro rate of around 68 roubles will be “more or less stable”.