CBR board chairman Sergei Ignatiev is confident that the country would experience no devaluation provided that crude trades at the present level, he noted at the 22nd International Banking Congress in Saint Petersburg, a Banki.ru correspondent reported.

“If oil prices stay where they are now, I greatly doubt that the ruble will continue to lose ground going forward," Ignatiev told journalists, adding, “most likely the opposite will take place”.

The CBR chairman emphasized that presently the ruble’s exchange rates are mainly determined by a new capital outflow which has been abnormally high for the Russian economy in the past few months.

“I hope the outflow will come to a close and the ruble will firm," Ignatiev said.


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