Deputy Chairman of the Central Bank Zabotkin explained the weakening of the ruble by the fall in export earnings
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The current weakening of the ruble is the result of Russia going through the low point of export earnings due to the price ceiling for petroleum products. This was announced by Deputy Chairman of the Bank of Russia Alexei Zabotkin during a meeting of the working group on preparation for consideration by the State Duma of the annual report of the regulator for 2022.
“Indeed, export earnings have declined, and this is due to the fact that export earnings follow sales volumes and sales prices with some lag. Because we ship goods today, and export earnings for them come in one and a half, two or three months, the calculation technology is just arranged like that, ”said Mr. Zabotkin (quoted by RIA Novosti).
According to Alexei Zabotkin, the flow of export earnings reflects the situation with prices and export volumes, primarily oil and gas, which was in the period from late December to early January. Mr. Zabotkin believes that the volume of export earnings will begin to recover after the Russian economy passes the low point associated with the introduction of price restrictions on petroleum products.
“At the same time, imports, as we know, are growing steadily, including for reasons related to the need to restore production chains and so on. The weakening of the exchange rate is the result of the fact that we are now passing the bottom point in terms of export earnings due to its subsidence at the beginning of the year. Further dynamics will be smoother,” Mr. Zabotkin concluded.
In the morning trading of the Moscow Exchange on April 7, the dollar exchange rate increased to 83 rubles / $, the euro exchange rate rose above 91 rubles / € for the first time since April 2022. However, later the price corrected and settled at the level of 81 rubles. per dollar and 89 rubles. for the euro. Finance Minister Anton Siluanov explained that these are market fluctuations that depend on the balance of imports and exports.
More details – in the material “Kommersant FM” “The ruble is getting calmer”.
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