Even if the ruble drops below the level of December of 2014, it will be critical for the Russian economy, believe experts polled by Bloomberg.
MOSCOW, 24 Dec –. The ruble against the dollar may fall below the value of December 2014 and it will not cause fatal damage to the Russian economy, interviewed by Bloomberg analysts.
In December 2014 the dollar hit a record high, rising to 80.1 ruble, reminds Bloomberg. But the country began a full-blown crisis, the ruble should depreciate by more than 20% and exceed a value of 90 rubles per dollar. This opinion is shared by 17 of 20 economists surveyed by Bloomberg.
If such a threat appears, in the Bank of Russia has lots of anti-crisis mechanisms, experts say. Among the tools the Central Bank they call verbal and foreign exchange intervention, raising the key rate, the imposition of restrictions on the movement of capital. The majority of Bloomberg surveyed analysts believe that the Central Bank will use currency intervention as the main anti-crisis measures.
Chief strategist for emerging markets the Swedish Bank SEB Per Hammarlund notes that the ruble is not as important as the pace of its decline. “Calm, gradual depreciation should be more favourable for the government, as it will increase oil revenues in rubles”, — he commented.