Russia's central bank predicts ruble's long-term stabilization

Russia's national currency, the ruble, has entered a long period of stabilization, the Central Bank's first deputy chief said Wednesday.

"The ruble's appreciation, which is linked to the sharp growth of oil prices, is over," Ksenia Yudayeva told a financial forum here.

Last week, oil prices briefly hiked by 5 percent and supported the ruble's exchange rates.

"Any volatility of exchange rates, whether upward or downward, is risky," the Interfax news agency quoted Yudayeva as saying.

Nevertheless, Yudayeva said the ruble's volatility range in the past weeks is not dangerous, adding that Russia's bank sector is protected from the risks as the financial market is under government control.

She also said the ruble has been stabilized at its current level of around 55 rubles per U.S. dollar, which is positive.

Current financial risks in Russia are much lower than they were a few months ago, Yudayeva said.

The Central Bank forecasts that the ruble's volatility range will subside to the pre-crisis scale in 2014 by the summer. Endi