Ruble Strengthens on Finance Minister’s Comments

MOSCOW, March 25 (RIA Novosti) – Russian Finance Minister Anton Siluanov gave a boost to the ruble Tuesday by raising expectations the Russian currency would strengthen once the current foreign and domestic economic situations stabilize.

The ruble strengthened by 46 kopecks (1.3 percent) against the dollar and by 76 kopecks (1.5 percent) against the euro Tuesday on the news.

“If there is now some stabilization in the foreign and domestic economic situation, then the ruble should not further weaken and perhaps the opposite process will occur – a flow of funds from foreign currency into rubles,” Siluanov said, adding that the process would be slow.

In remarks on the country’s capital outflows, which soared to $70 billion in the first three months of the year, Siluanov said the trend by investors to opt for foreign currency was reversing and the ruble had begun to strengthen.

The Russian leader’s address last week on Crimea’s reunification with Russia was good news for the ruble, which rose against the dollar and euro after falling to a historic low earlier this month.

[featured images are file photos]