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Ruble-euro rate reaches 48 rubles for the first time

January 29, 2014, 18:16 UTC+3

Fluctuations of the ruble exchange rate will not affect macroeconomic parameters - minister

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MOSCOW, January 29. /ITAR-TASS/. Ruble-euro rate has reached 48 rubles on the Moscow Stock Exchange for the first time.

Fluctuations of the ruble exchange rate will not affect macroeconomic parameters, Minister of Economic Development Alexei Ulyukayev told reporters on Wednesday.

“There are some additional inflation risks related to the factor that if ruble exchange rate dynamics persists higher import prices will affect the consumer market. This pressure can hardly be estimated in numerical figures now, but I do not believe that this will be so and will affect macroeconomic parameters,” he said.

On Tuesday, the minister stated that the inflation rate will be less than 5% despite a falling ruble exchange rate in Russia in 2014. “I can state confidently that it [the inflation rate] will be no more than 5%,” Ulyukayev said, adding he expects this dynamics “even if the ruble exchange rate will be falling.”

Alongside, Ulyukayev noted that he had made this assessment also “proceeding from money supply dynamics, proceeding from tariffs which will grow 2-.25 times lower in 2014 than before, proceeding from dynamics of food prices, if there is no shock on the food market as well as on the base of the previous year.”

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