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Putin's flotation of rouble pays off ahead of G8

01.01.70

Vladimir Putin's decision to highlight the strength of the Russian economy ahead of next week's St Petersburg G8 summit - by allowing the rouble to float freely on the foreign exchanges for the first time - was rewarded when the currency rose slightly against a weaker US dollar yesterday.
In mid-afternoon trading, it rose to 26.88 roubles to the dollar, from 26.94 on Friday, although it fell slightly against the euro.

Russia hosts its first G8 summit on July 15, and the Kremlin believes that allowing the rouble to float will make the country's energy-rich economy more attractive to foreign investors.

Expert opinion

Halter Marek

02.12.06

Halter Marek
Le College de France
Olivier Giscard dEstaing

02.12.06

Olivier Giscard dEstaing
COPAM, France
Mika Ohbayashi

02.12.06

Mika Ohbayashi
Institute for Sustainable Energy Poliy
Bill Pace

02.12.06

Bill Pace
World Federalist Movement - Institute for Global Policy
Peter I. Hajnal

01.12.06

Peter I. Hajnal
Toronto University, G8 Research Group