MOSCOW. (RIA Novosti economic commentator...

Experts agree that the ruble is set to weaken further, and the question is only the depths to which the Russian currency will plummet. Pessimists are saying one dollar will cost 40 rubles next year, while bankers are offering borrowers who took out dollar-denominated loans to convert them into rubles.

Yesterday, VTB 24 Bank started refinancing dollar mortgages. This is not a unique case: other banks have been proposing this service to individual clients. Bankers say they want to minimize currency risks for their borrowers and also to hedge themselves against a possible non-payment epidemic due to dollar swings.

In November, the country's financial authorities practically announced the start of a gradual devaluation of the ruble. Within two weeks, the Central Bank broadened the ruble band twice in relation to the bi-currency basket. As a result, the Russian currency began slipping quickly: since the middle of the summer the dollar has gained more than 16% and so have

Pages: [1] 2 3 4