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Russia allows further devaluation of the ruble

Latest update : 2008-12-29

The Russian central bank has allowed the twelfth effective devaluation of the ruble in two months. The currency has been under strong downward pressure since the start of the global financial crisis because of the plunge in oil prices.

AFP - Russia on Monday allowed the 12th effective devaluation of the ruble over the past two months, widening the currency's trading band against a euro-dollar basket, the central bank said.

The currency basket, composed 55 percent of dollars and 45 percent of euros, was worth 34.80 rubles compared with 34.31 rubles at the market close on Friday, the RIA-Novosti news agency reported.

The rise in the currency basket's value by 0.49 rubles was slightly larger than the increase of around 0.30 rubles seen after previous such moves.

A Russian Central Bank official confirmed to AFP that it had widened the band within which the ruble is allowed to trade against the basket.

The move -- which effectively amounts to a slight devaluation -- is the 12th such widening since November.

The ruble has been under strong downward pressure since the start of the global financial crisis because of a plunge in the price of oil, Russia's main export, and huge outflows of capital.

Analysts have said the they expect the ruble to continue to weaken in coming weeks, even though officials have promised that there will be no drastic fall similar to that in Russia's 1998 financial crisis.

Date created : 2008-12-29