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13 Nov, 2008 05:33

Vekselburg calls for weakening Rouble

The head of Renova investment group, Viktor Vekselberg, says a Rouble devaluation is now needed to support Russia’s export-oriented economy.

“I would use the term devaluation carefully, as the man in the street's attitude to it differs. A certain weakening of the ruble is an objective necessity taking into account the fact that our economy is export-oriented. Russia is a state which lives at the expense of exports of hydrocarbons, metals and other raw materials. So we have to temporarily weaken the Rouble in order to support these branches of the economy.”