Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Fully Convertible Ruble by 2007?

The ruble could become fully convertible within four to five years, a top Finance Ministry official said Monday, adding that the currency's rise in real terms should not exceed an annual 10 percent on the dollar.

"Now we have a ruble that is partially convertible, as there are restrictions on capital accounts. By 2007 I think all restrictions will be fully removed," First Deputy Finance Minister Alexei Ulyukayev told reporters.

He said the ruble could be fully convertible within four to five years.

President Vladimir Putin in his annual address last week called for a fully convertible currency to help Russia integrate into the global economy.

But Ulyukayev said accelerated growth rates for the ruble could have a negative impact on the Russian economy. "The economy is transforming itself successfully and 10 percent growth rates of the ruble against the dollar are possible," he said.