Finance Minister Anton Siluanov is certain the rouble exchange rate is bound to stabilize in the near future.

      Speaking to foreign investors in Hong Kong, he said the role of the US dollar in the economy is shrinking, both in terms of settlements and savings.

      The statement was made amid a sharp devaluation of the Russian national currency, which lost 7.7 percent in January alone.

      Russians rushed to convert their savings into dollars and euro but for many it was too late.

      Prices for imported products, including cars and consumer electronics, are expected to jump by March.

      The sudden devaluation mars the drive by the Russian authorities to turn Moscow into a global financial center and attract foreign capital.

      The Central Bank was supposed to cease its control over the exchange rate but has now been forced to rethink the strategy.

      Earlier, the Bank of Russia picked a symbol for the Russian rouble that would be used in settlements abroad.

      A coin worth 1 rouble featuring the new symbol is expected to appear in 2014, said senior vice governor of the Central Bank, Georgy Luntovsky.

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