Ruble devaluation not to be expected - Russian presidential aide

Russia is not anticipating devaluation in the national currency in the near future, said Russian presidential aide Elvira Nabiullina, who is set to become Central Bank chairman on Monday.

Russia is not anticipating devaluation in the national currency in the near future, said Russian presidential aide Elvira Nabiullina, who is set to become Central Bank chairman on Monday.

"The ruble will fluctuate in dependence on market factors, and no serious devaluation should be expected," she said in an interview on the television program Vesti v Subbotu.

"The exchange rate strengthens and declines. It seems to me that the people have gotten used to it. In theory I believe in our national currency. The Bank of Russia and the Russian government drive a policy to enhance trust in the national currency," Nabiullina said.

"We've adopted an economic policy in which we don't specially manage the exchange rate. We only influence short-term fluctuations in the exchange rate to avoid strong fluctuations. So the exchange rate is under pressure by economic factors, depending on how commodity exports grow, how capital flows in and out. So to expect any kind of dramatic change in the factors that influence the exchange rate towards a strong devaluation, towards strong movement - there won't be any in the near future," Nabiullina said.

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