Reuters: US Dollar Report: UPDATE 1-Russia welcomes weaker rouble if market-driven - Siluanov

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UPDATE 1-Russia welcomes weaker rouble if market-driven - Siluanov Jun 18th 2013, 09:24 Tue Jun 18, 2013 5:24am EDT By Maya Dyakina MOSCOW, June 18 (Reuters) - Russian Finance Minister Anton Siluanov told Reuters on Tuesday he would welcome a weakening of the rouble's exchange rate as long as it is market driven, saying it would boost the economy's export competitiveness and budget revenues. Siluanov described a new mechanism by which the Finance Ministry will manage windfall oil revenues, to be introduced in August, as neutral for the market. But, he added, some rouble weakness would offer a welcome antidote to a slowing economy. "The Finance Ministry would accept a certain weakening of the rouble's exchange rate, but only as long as it is driven by the market and not by administrative methods," Siluanov said in comments emailed to Reuters. Siluanov's public support for a weaker rouble follows a series of high-level strategy meetings headed by President Vladimir Putin that have searched for ways to revive economic growth that slowed to just 1.6 percent in the first quarter. The central bank has held off from easing monetary policy because inflation, at 7.4 percent, remains above its 5-6 percent target range - although that could change after Putin's dovish economic adviser Elvira Nabiullina takes charge next week. Siluanov made it clear that he saw no place for western-style quantitative easing policies in Russia, in which central banks buy up government bonds in a bid to lower the cost of borrowing to the wider economy. "There is no need at the moment to implement a policy of so-called quantitative easing, as this is being done in other countries, as this could stoke inflation further," Siluanov said. Link this Share this Digg this Email Reprints

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