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    Putin: Decision on Ruble Floating Exchange Rate Taken for Long Term

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    2016 Eastern Economic Forum in Russia's Vladivostok (41)
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    The decision on introduction of a floating exchange rate for the Russian currency has been taken for a long term, Russian President Vladimir Putin said on Friday.

    VLADIVOSTOK (Sputnik) — In November 2014, Russia's Central Bank cancelled the non-limited exchange rate interventions, effectively free-floating the national currency.

    "You know that we currently have a floating currency. There are big advantages… and some troubles, which appear here. But we have taken such a decision. You should simply know that these decisions have been taken for a long term…Of course, people should take advantage of the ruble's weakness. And we proceed from the idea that both Russian and foreign manufacturers do this," Putin said at a meeting with investors of the Far East.

    At the same time, the Russian leader urged the investors to take decisions regarding the fundamental bases of development of the Russian economy but not the exchange rates fluctuations.

    In January 2015, the Russian government announced an anti-crisis plan to stabilize the economy by 2017 amid a global slump in oil prices. After three months, the Russian national currency began to strengthen against the dollar and the euro.

    Topic:
    2016 Eastern Economic Forum in Russia's Vladivostok (41)

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