Reply #18: Russia to showcase convertible rouble at G8 summit

[Ghost Dog]

MOSCOW, June 29 (Reuters) - Russia lifts remaining restrictions on currency movements this weekend, demonstrating the strength of its oil-driven economy ahead of the G8 St Petersburg July summit.

With its reserves swelling from petrodollar inflows, strong current account surplus and booming economy, Russia is ready to expose its currency to speculative capital inflows.

"We are fully ready for it," central bank deputy chairman Alexei Ulyukayev told reporters on Thursday.

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Yevgeny Gavrilenkov, economist at Troika Dialog brokerage, said Russia needed to boost demand for its currency, possibly by denominating some of its vast exports of natural resources in roubles.

Putin last month called on the government to speed up work to launch trading of Russian oil, refined products and commodities on local bourses in roubles.

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