The recent weakening of the Russian ruble could be attributed to the fall of global oil prices, Deputy Chairman of the Russian Central Bank Aleksey Zabotkin said on Monday.
“There is a deterioration in external conditions, a decline in oil prices. This is a weighty enough reason for the exchange rate to weaken somewhat,” Zabotkin explained. He pointed out, however, that the rate is still “fluctuating in the range that has been observed since about the end of May this year.”
“The disinflationary contribution of the strengthening of the ruble, which occurred in the second half of spring and summer, has ultimately been exhausted by now,” he added.
Zabotkin stressed that the regulator does not plan to tighten any restrictions on the capital account.
