The Central Bank has promised to reduce the correlation between ruble and oil

Moscow. On 6 November. The Bank of Russia assesses the correlation between ruble exchange rate and oil price as high, waits for it to decline, said the first Deputy Chairman of Bank of Russia Sergey Shvetsov at the Exchange forum on Friday.

“The correlation is high, it is in the region of 0.6-0.7. We believe that it is excessive”, he said, adding that the ruble is linked including with the transition of course in the “new normal”.

“We think that the correlation between the exchange rate and the oil will gradually decline,” – said the first Deputy Chairman of the Central Bank. He also noted that “there is an understanding that the balance of payments sustainable”.