BEIJING, November 8 (RIA Novosti) — The plans of Russia's Central Bank regarding the transition to the so-called "free floating" currency exchange policy beginning in 2015 are rational and likely to bring positive results despite the current devaluation of ruble, Russian Economic Development Minister Alexei Ulyukayev said Saturday.
"Different tactics are possible here, the one that have been chosen by the Bank of Russia is rational enough and should bring its results," Ulyukayev said.
Answering the question on the main reasons of the current weakening of ruble and specifically on whether it was caused by any mistakes committed by the Central Bank, Ulyukayev mentioned the significant impact of decreasing oil prices and the possibility of openings of foreign exchange positions by speculators. "These are not someone's mistakes or slips, this is a concurrence of a number of factors," the Minister said.
The weakening of the ruble spiked 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 "free floating" exchange policy early next year.
On Friday morning ruble fell to record low of 48.65 rubles for one dollar and 60.27 for one euro. However, by the evening the Russian national currency had risen to the level of Thursday's exchange rate on the information that Central Bank is ready for new interventions.