29 November 2003 12:06
Russian PM: "no justification" for ruble`s floating rate
He argued that the economy needed to be fully stabilized first and
that then the economy would itself set the value for the Russian
MOSCOW. Nov 29 (Interfax) - Russian Prime Minister Mikhail Kasyanov said on Saturday that there would be "no
justification" for a floating exchange rate for the ruble today.
currency.
"The Central Bank has a hard job now to keep the ruble from strengthening as the period of high prices for oil
has been taking too long," Kasyanov told reporters.
"If the price for oil keeps going down next year and this lowering is not very significant, the rate of the
ruble versus the dollar will change insignificantly next year. In real terms, [the ruble] will be strengthening."
[RU EUROPE EEU EMRG ECI FRX OIL CRU TRD] as tj <>
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