08 June 2004 22:52
Real effective ruble rate rises 5.7%
MOSCOW. June 8 (Interfax) - The real effective exchange rate of the ruble against the currencies of Russia's
main trade partners increased 5.7% in January-May, the Central Bank of Russia reported.
The ruble's real exchange rate appreciated 4.6% against the dollar and 7.9% against the euro.
At the start of June Russian presidential economic advisor
Andrei Illarionov said that the high rate of growth in the real
This indicator was down compared with the result in the first four months of the year, thanks to a weakening in the
real effective ruble rate in May, estimated by the Central Bank at 0.3%, or 0.7% against the dollar and 0.5% against the
euro.
The real effective exchange rate climbed 4.1% in 2003 and the ruble's real exchange rate rose 18.9% against the
dollar.
effective ruble rate is one of two factors holding back economic growth in Russia. He said that with the pace of
effective ruble rate growth noted over the past months it is impossible to maintain a high level of economic growth and
the task of doubling GDP cannot be achieved. [RU ASIA EUROPE EEU EMRG CEN EUR FRX] rd <>
[Interfax] |
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