June 18, 2013 / 9:07 AM / in 5 years

Russia welcomes weaker rouble if market-driven - Siluanov

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.

He 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.

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