MOSCOW, December 13 (RIA Novosti) - Russia will continue to gradually expand the ruble's exchange rate corridor in the interests of society and business, the deputy head of the Central Bank said on Saturday.
"Here there is a political and a philosophical aspect. This is our attitude toward society and business, the formation of trust," Central Bank First Deputy Chairman Alexei Ulyukayev said on Ekho Moskvsy (Echo of Moscow) radio. "We could deftly lighten your pockets, but we are not doing this."
He also told the station that oil prices had pretty much bottomed out by dropping below $50 a barrel.
Asked if $40-$50 a barrel was a realistic range for crude, he said: "In the price of oil we see that it has approached some kind of bottom."
In New York on Friday, benchmark light sweet crude closed down $1.70 at $46.28.
Ulyukayev also said that imports into Russia fell 20% in November, due to a weaker ruble and slowing domestic demand.
He added that imports would probably not increase next year, and may decrease, but said that meant the country's current account would be positive.
"Thus, we can expect both an economic downturn, and an increase in the exchange rate of the ruble against the two-currency basket," the central banker said.
He also said the ruble was effectively becoming a regional reserve currency. "If we get through the crisis OK, this will become a stronger role for the ruble," he said in the Echo of Moscow interview.
Ulyukayev added that some of Russia's transactions with Ukraine, Belarus and Kazakhstan were now conducted in rubles, and businessmen in the countries were also using rubles.
"This shows that they have faith in the ruble," he said.
Government economic analyst Andrei Zverev said on Friday that Russians were moving their savings into dollars and would continue to do so.
The Economic Development and Trade Ministry said on Friday that Russia's GDP growth in the fourth quarter would be 2.6%, adding that since late October the economy had been contracting.
