Welt: Ruble May Become Important Currency in 2016

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Translated by Ollie Richardson for Fort Russ

31st December, 2015


RIA

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Experts making predictions for 2016 advised readers to pay attention on such currencies as the Russian ruble, as the currency markets may soon offer surprises, writes Welt.

The ruble in 2016 may make an unexpected manoeuvre. Due to the huge expanses of the country and its vast resources, the Russian currency has every chance to become the currency of global importance. Although the commodity crisis will put further pressure on the Russian economy, the potential for recovery of the ruble in 2016 is very large, the newspaper wrote. “If the oil price during the year begins to recover, it will give a boost to the ruble,” says Ronald Schneider, an expert on emerging markets from Raiffaisen Capital Management.

It is possible that in the near future, the Russian currency will start to grow, notes the author. “By the end of 2016 the Russian currency will rise by 20%”, says Steen Jakobsen, chief economist Saxo Bank. He sees a potential factor for the recovery of the ruble will not only be a sharp increase in oil demand in the new year, but also a global disappointment in the Federal reserve system of the USA. Despite the fact that the positions of the various analysts about the precise estimates of the growth of the ruble varies, all the experts came to a common opinion that in the next year, the Russian currency is ready for recovery, the paper concludes.

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