Ruble Pain Threshold Seen Higher as Oil Slump Ravages Economy
- Economists in survey see 80 per dollar as intervention trigger
- Russia may start draining reserves if oil settles at $40
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The Bank of Russia is becoming more comfortable with a weaker ruble as sinking oil prices take their toll on the world’s largest energy exporter, economists said in a Bloomberg survey.
The central bank will allow the ruble to weaken to 80 per dollar before selling foreign currency, according to the median estimate of 26 analysts. It will tap reserves to rescue the currency if oil slips to $40 a barrel and stays there through year-end, 19 of 30 economists in the Aug. 24-26 survey said.