Economist: Ruble will not stabilize until oil prices rise

The role of the OPEC in oil price issues has declined: the exporting countries no longer reckon with this organization, economist Vilen Khachatryan said at a press conference today when commenting on the Russian ruble devaluation and its consequences.

In his opinion, the ruble will not stabilize until oil prices rise.

Khachatryan declined to make forecasts, noting that it is necessary to wait and see what situation will emerge after January 2015.
“The sanctions against Russia will probably weaken by March. In that case the ruble may rebound andm as a result, remittances from Russia to Armenia will have a higher purchasing power,’ he said.

He advised to avoid speculative operations.

When asked if an increase in prices is expected ahead of the New Year, V. Khachatryan replied that it will be possible to avoid considerable losses if a correct financial strategy is implemented.

In conclusion, the economist said that the consequences of the “currency war” will become clear after January.