Thomson Reuters
11.07.09, 12:05 PM EST
ST ANDREWS, Scotland, Nov 7 (Reuters) - Russia's companies must get used to a more flexible rouble exchange rate and cut their costs to stay competitive in the face of the rouble's strength, Finance Minister Alexei Kudrin said on Saturday.
'We are not seeking an appreciation of the rouble...But a correct exchange rate is one that is determined by objective factors -- oil prices, capital inflows and not the action of the central bank,' Kudrin told reporters.
'And companies should be ready for this...I think it is wrong to create hothouse conditions for some companies by artificially controlling the exchange rate.'
The rouble has risen about 8 percent against a dollar-euro basket since early September. The Russian central bank has intervened to slow the rouble's rise but not to halt it.
(Reporting by Toni Vorobyova; Editing by Andrew Torchia) Keywords: G20 RUSSIA/CURRENCIES
(antonina.vorobyova@reuters.com; Tel: +7495 7751242, Reuters Messaging: antonina.vorobyova.reuters.com@reuters.net)
Monday, November 9, 2009
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