Russia’s Central Bank Chief Elvira Nabiullina does not expect the ruble’s devaluation.

“Not expected,” she said when asked whether the ruble’s devaluation is expected for Russia.

The ruble’s devaluation began in the second half of 2014 as it dropped 2.2-fold versus the dollar in June-December. However, starting February 2015, the ruble reversed to growth and rose by 30% versus the dollar by May 2015. In May 2015, the US currency reversed to growth. The dollar’s exchange rate has risen from 49 to 62.5 rubles since mid-May 2015.