Russia’s Finance Minister names main factor in ruble weakening

The recent devaluation of the ruble is mostly attributable to the country's trade balance, Russia's Finance Minister Anton Siluanov said.

"The ruble's depreciation is primarily caused by the trade balance, or the inflows and outflows of currency into and out of the country. Furthermore, summer is a vacation season, and when people travel overseas, the demand for foreign currency rises," Siluanov explained.

At the same time, Governor of the Bank of Russia Elvira Nabiullina stated earlier that the main factor in the ruble's exchange rate in June and July was a decline in exports with increased imports.