… Call August one of the weakest months for the ruble

© RIA Novosti / Alexei Danceparty in fotomancer economic development of Russia Maxim Oreshkin. Archival photo… Call August one of the weakest months for the ruble© RIA Novosti / Alexei Danceparty the image Bank

August is traditionally one of the weakest months for the ruble: on the course under pressure of payments of the Russian companies dividends to foreign shareholders, said the head of Ministry of economic development of Russia Maxim Oreshkin.

«August — we have one of the weakest months for the ruble from the point of view of the balance of payments. We place the payment of dividends by Russian companies to foreign shareholders, it also puts certain pressure on the exchange rate,» the Minister told reporters.

According to him, the ruble exchange rate from being overvalued, which was in April, returned to the normal range. «We have a floating rate, so any fluctuations in oil prices, and capital flows, of course, will have impact on the exchange rate», — said the Minister.

«But overall, the ruble has returned to the normal range and some serious sharp fluctuations, we do not expect,» — said Oreshkin.

The measures taken by the Central Bank and the government — a combination of inflation targeting, the new fiscal rule, the purchase of currencies, which makes the Ministry of Finance — all these mechanisms designed to reduce the volatility of all internal indicators, including the exchange rate, he said.

However, the exchange rate of the Euro at auction Moscow exchange in the afternoon of August 2 for the first time from September 2016 has tested the level of 72 rubles to the dollar, the ruble also weakened. The official Euro to ruble set by the Central Bank of the Russian Federation on Thursday, August 3, increased by 95,53 pennies to 71,6866 of the ruble, the dollar increased by 73,65 pennies to 60,5819 of the ruble.

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