Currency rate provision
Martin Gillman, the HSE Professor and the Head of the Centre for Advanced Studies comments on the Russian ruble prospects to the Moscow Times.
"Through the process of gradual devaluation, the ruble is back to where it was in 2004, when the price of oil averaged $37 per barrel," said Martin Gilman, director of the economic policy center at the Higher School of Economics. "That's a pretty fair price."
Gilman said further ruble fluctuations would be tied to the relative strength of the U.S. dollar, the government's future monetary policy and oil prices. Russia's Urals blend crude traded at $43.01 per barrel on Thursday.
"Interest rates have got to rise, holding rubles has got to be desirable," he said. "And if we see the same rates of inflation that we did in January, the real ruble won't hold these levels for long."
Martin Gillman for the Moscow Times
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