02:41 GMT29 November 2020
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    Russian Economic Development Minister said that ruble, is near the state of balance, and the exchange rate may stand at 50 rubles to dollar at the end of the year.

    ST. PETERSGBURG (Sputnik) The Russian currency, the ruble, is near the state of balance, and the exchange rate may stand at 50 rubles to dollar at the end of the year, Russian Economic Development Minister Alexei Ulyukayev said Thursday.

    "I think so too, that it [the ruble] is almost in the state of balance, and fluctuates according to supply and demand," Ulyukayev told RIA Novosti.

    The exchange rate will stand at around 50 rubles per dollar, according to the minister.

    "I wouldn't like to give figures. It will be at around 50 plus," Ulyukaev said.

    The Russian currency lost 46 percent of its value since summer 2014, falling to 67.8 rubles to the dollar in December 2014, amid the continuing decrease in oil prices and the Western sanctions.

    However, this year the ruble managed to strengthen its position and climb to about 53.9 rubles to the dollar, according to the rate set by the Russian Central Bank for Thursday.

    Russia’s current economic conditions should allow its sovereign rating to be improved to the investment level, but international agencies will doubtfully do this any time soon, Alexei Ulyukayev said.

    “The current condition of Russia’s economy would allow [the rating] to be kept at the level of investment and would allow for it to be improved to the investment level because rating agencies assess credit capability of sovereign borrowers to fulfill their obligations,” Ulyuakayev told RIA Novosti.

    He said international economic rating agencies are influenced by political motives.

    “Even if you put political motivation aside, the agencies must acknowledge their false convictions and inconsistency. And they won’t do this any time soon,” Ulyukayev added.

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    Putin: Ruble Rate Increases Cost Competitiveness of Russian Production
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    rating, ruble, Alexei Ulyukayev, Russia
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