Experts name Russian ruble world's most promising currency

Experts have described the Russian ruble as the world’s most promising currency. World’s leading banks recommended to snap up Russian rubles, since under the current conditions it is one of the most lucrative investments, Bloomberg said. The recommendations are based on expectations that Russia's new President Dmitry Medvedev will take a course for strengthening the ruble against the world’s currencies. At the same time the dollar is going up against the euro, but it proved to be insufficient to trust in the US currency, but sufficient enough to get disappointed with the European currency.

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The US investment banks Goldman Sachs, Merrill Lynch and the German giant Deutsche Bank consider that in the next six months the Russian ruble will increased by four percent against the world’s leading currencies. Experts forecast that Dmitry Medvedev’s first decision after the inauguration will be strengthening the ruble, which will help to overcome the galloping inflation. Stronger ruble will cut the income from oil export; however, analysts consider that this will not stop the authorities.

All these expectations made the ruble one of the world’s most promising currencies on the global financial market and one of the most lucrative investments, ITAR-TASS said. Besides, the growing demand itself can strengthen the ruble. On April 24 Alexei Ulyukayev, deputy chairman of the Central Bank, claimed that he does not overrule the possibility of stronger ruble.

“Ruble strengthening will remain the key anti-inflation measure that the Central Bank has at its disposal among its limited instruments,” Ramin Toloui from California’s Pacific Investment Management Co. told Bloomberg. Deutsche Bank’s leading economist in Moscow Yaroslav Lisovolik stated that in Russia it is impossible to lower inflation by controlling the lending rate, since the Russian mortgage market is poorly developed, and consumer credits are confined to big cities.

The Russian Central Bank is observing the development of the ruble rate against the basket of currencies that includes 55 percent of the dollar and 45 percent of the euro.

At the major press conference held in February Putin who is due to head the government on May 8 and thus to take responsibility for the economy stated that “lower inflation is high on our list of priorities.” Since 2003 prices growth exceeds the government’s annual forecasts, and in 2007 it was 1.5 times the forecast, Bloomberg said. According to the Central Bank, propping up the ruble by one percent will reduce inflation by 0.3 percent.

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