Belousov called the ruble exchange rate optimal for the economy
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Optimal for the Russian economy is the exchange rate of the ruble in the range of 80-90 rubles. per dollar, said First Deputy Prime Minister of Russia Andrei Belousov on the sidelines of the St. Petersburg International Economic Forum (SPIEF).
“Think. What is an adjustment. From my point of view, now the ruble is in a more or less comfortable, optimal zone for the economy. This zone, in my opinion, is now 80-90 rubles. per dollar. It is comfortable for the budget, and for exporters and importers,” he told reporters, answering a question about the depreciation of the ruble.
Belousov also said that the government still has resources to further improve the efficiency of public spending.
“The main resource for increasing efficiency, such acupuncture – among exporters, we need to support those who develop new corridors, enter new markets, those who find themselves in a difficult situation, and so on. Why do we need to adjust the export support system? Among SME to support, first of all, those who enter new production chains, replacing importers, start-ups must be supported, and so on. That is, such a concentration in certain areas – we, in fact, are doing this, ”added the First Deputy Prime Minister.
Earlier today, Chairman of the Central Bank Elvira Nabiullina on the sidelines SPIEF statedthat the recent weakening of the ruble will be carried over into prices. “The weakening of the exchange rate that has taken place, of course, will be transferred to prices, but the timing and scale of this transfer may differ from what we are used to, due to the fact that the economy is undergoing structural restructuring, relative prices are changing, etc.”, she said, adding that the Central Bank is monitoring the situation.
Commenting on the ruble depreciation in April, the Bank of Russia noted earlier that due to significant stockpiles, the impact of the exchange rate on the cost of equipment and electronics in the country is not yet very noticeable. But as these inventories are renewed and consumer demand grows, the weakening of the ruble “will be reflected in the prices of more goods.”
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