24 Dec 2014 16:33

No long-term factors for lower ruble - Siluanov

MOSCOW. Dec 24 (Interfax) - There are no long-term factors for the ruble to fall, Finance Minister Anton Siluanov told reporters.

"There are no structural factors to further influence a lower rate. On the contrary, we expect it to strengthen," he said.

"Why was there such a run on the currency? Oil is falling sharply, reducing the country's forex receipts. Everybody started hanging onto forex receipts. And that had a multiple effect, which intensified the pressure on the ruble," Sluanov said.

This has now passed, he said. If oil doesn't fall very much lower, the ruble, if it slides again, will do so only briefly and by not very much, he said.