29 Sep 2009 13:42

Serious risks of ruble

MOSCOW. Sept 29 (Interfax) - The rate of the Russian ruble is currently at an equal and stable position, and faces no serious threats of devaluation, said Deputy Prime Minister and Finance Minister Alexei Kudrin.

"Today the rate is at an objective equilibrium. If oil prices are no lower than $58 [per barrel] next year and in following years, we will have a positive balance of payments. There are no serious risks of devaluation," he said.

Kudrin said that artificially implementing the devaluation of the ruble would be an incorrect measure as it would create problems with payments, imports (including that of technology) and inflation. In turn, such a measure would slow lending and the development of the financial sector.