Yakov Mirkin, head of the Committee for Financial Markets and Credit Organizations of the Russian Trade and Industry Chamber, said that devaluation of the ruble would benefit the national economy. He said, however, that the explosive devaluation of 1998 would not happen and reminded that there was aggravation of the trade balance and high rate of capital outflow, totaling $50-70 billion.
The expert also stressed that the rate of the ruble was closely connected to the dollar-euro price.
Mirkin said that the US was the main source of foreign capital in Russia. Its capital flow to Russia has increased by 18-20% since the start of the year. The capital from France and Germany increased by 8-10%. The financial markets of Eastern Europe, Brazil and India recessed. The Chinese yuan was growing, unlike currencies of other BRIC states.
Mirkin predicts that the ruble will be weakened. He reminded that he had predicted in May that the ruble would drop in price to 33 rubles per dollar. 35-37 rubles per dollar are a possibility this year. He noted that a price of 42-44 per dollar would benefit Russian economy.
