Russian Economic Development Minister Alexei Ulyukayev believes the average currency rate will stand at 63 rubles to the dollar in 2016 as suggested in the government’s forecast.

“I’ll remind you that our base forecast of the average currency rate is 63 rubles to the dollar and I believe that we have the chance and likelihood to return to that trajectory,” Ulyukayev said.

He noted that the rate may fluctuate either way, but “some stabilization would be more likely than its weakening.”