Managers of 35% of industrial companies consider the weakening of the ruble a problem

According to surveys from the IEP named after. Gaidar, 35% of managers of industrial enterprises consider the negative impact of the weakening of the ruble and, as a consequence, the rise in price of imported equipment as a problem. With materials from the Gaidar Institute report “Russian industry in January-October 2023: heating, overheating, cooling?” got acquainted RBC.

The share of 35% was the highest since 2016, when 36% of respondents gave a similar answer (at the beginning of 2016, the dollar exchange rate exceeded 75 rubles for the first time). As the author of the report, Sergei Tsukhlo, told RBC, the impact of the ruble exchange rate on the work of industrial enterprises has been included in the list of factors to be studied since April 2014.

The report materials indicate that 82% of industrial enterprises need to strengthen the ruble exchange rate to reduce costs. It is noted that dependence on imported components, whose cost is rising, remains. At the same time, the number of purchases of imported goods is growing, as consumers seek to “stock up” on imports disappearing from the Russian market.

According to Mr. Tsukhlo, the activities of enterprises are also affected by the decrease in the availability of loans, the interest on which has increased due to an increase in the key rate. He noted that the factor of lack of loans was noted by 1% of surveyed companies.

According to the survey, the most common problem is personnel shortage – it was indicated by 57% of respondents, the “ambiguity” of the economic situation worries 43% of respondents, and internal effective demand worries 38% of respondents.

In early October, the dollar exchange rate exceeded 100 rubles for the first time since March 2022. On October 11, President Vladimir Putin signed a decree requiring 43 groups of companies in several industries to sell proceeds in foreign currency received under foreign trade agreements. This measure, according to presidential press secretary Dmitry Peskov, was taken to strengthen the ruble exchange rate.

Read more about currency control measures in the Kommersant article. “You can’t hide a dollar in your pocket”.

Polina Motyzlevskaya