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    Russian Economic Development Minister Alexei Ulyukayev

    Russia's National Currency to Strengthen in Short-Term: Minister

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    Russia's economic development minister has also denied the possibility of introducing foreign exchange restrictions amid the current weakening of the Russian national currency.

    BEIJING, November 8 (RIA Novosti) — Ruble's exchange rate will strengthen in short-term and its current weakening does not mean it is necessary to introduce foreign exchange restrictions, Economic Development Minister Alexei Ulyukayev said Saturday.

    "The exchange rate is way passed this price that can be conditionally called an equilibrium price … it can be expected that in the short-term ruble will go back," Ulykayev said on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Beijing.

    The minister has also denied the possibility of introducing foreign exchange restrictions amid the current weakening of the Russian national currency.

    Russia's national currency, the ruble, has lost a quarter of its value since the beginning of 2014. The weakening of the ruble this week after the Central Bank announced on November 5 it had dramatically reduced its support for the national currency pursuing the transition to the so-called "free floating" currency exchange policy.

    On Friday morning ruble fell to record low 48.65 rubles for one dollar and 60.27 for one euro. However, by the afternoon the ruble has already risen to the level of Thursday's exchange rate due to speculation of possible new interventions of the Central Bank.

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    economy, currency, ruble, Alexei Ulyukayev, Russia
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