In an interview with newspaper Die Welt, a German economist argues that the ruble has the potential to become a currency of global significance and strengthen by about 20% by the end of 2016.
Experts making forecasts for 2016 should take into account such currencies as the Russian ruble because the currency markets may soon face surprising developments, the newspaper wrote.
“The ruble may make an unexpected maneuver in 2016”, the article said.
Because of the country’s vast size and rich resources, the Russian ruble has every chance of becoming a currency of global importance. Although the oil crisis puts additional pressure on the entire Russian economy, the possibility for a recovery in 2016 is quite high, the newspaper reported.
Economic analysts have varying estimations regarding the growth of the ruble, but all of them predict the Russian currency will grow, the newspaper wrote.
“If the oil price will start recovering over the course of the year, it will give impetus to the ruble,” German financial expert Ronald Schneider said in an interview with the newspaper.
According to another financial expert and chief economist at Saxo Bank, Steen Jakobsen, the Russian currency may strengthen by 20% by the end of 2016.
As a potential factor for the recovery of the ruble, Jakobsen sees not only a sharp increase in the demand for raw materials, but also worldwide disappointment in the policy of the US Federal Reserve.