Russia's deputy economy minister: ruble expected to rise, govt not planning currency controls

EnergyAssociated Press

A senior Russian minister says he's expecting the ruble to extend its recent gains and said the government is not planning to introduce currency controls on Russian companies.

Igor Shuvalov, the deputy prime minister overseeing the economy, said in comments to Russian news agencies on Monday that the government "opposes" currency controls as a way to tackle the ruble crisis.

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The ruble has been the worst performing currency this year along with the Ukrainian hryvnia, having lost half of its value. Its collapse in the past weeks sparked a consumer boom as worried Russians flocked to the shops to buy cars and durable goods before the prices rise further.

The ruble was 5 percent higher in early afternoon trading on Monday at 56 against the U.S. dollar.