Central Bank of Russia considers correlation between ruble and oil as high

The Russian Central Bank considers the correlation between the ruble and the price of oil as high, but predicts its decline, the First Deputy Governor of the Central Bank, Sergey Shvetsov, said.

According to him, "the correlation is high, it is about 0.6-0.7." We believe that it is redundant," Shvetsov said, explaining the volatility of the ruble by rate's transition to the "new normal condition".

"We think that the correlation between the exchange rate and the oil will gradually decrease," Interfax cited the First Deputy Governor of the Central Bank as saying.