Nabiullina linked the weakening of the ruble with a decrease in exports and oil prices

The weakening of the ruble is associated with a reduction in exports and falling oil prices, said Elvira Nabiullina, chairman of the Central Bank (CB), during a speech in the State Duma. According to her, the current rise in oil prices “will affect in the following periods.”

“What is the reason for the weakening of the exchange rate: this is due to the fact that our exports were still declining in value terms, and there was a drop in oil prices … At the same time, our imports recovered quite quickly. And so the current account balance – the difference between exports and imports – began to decrease. Last year it was a record high, now it is much lower. And of course, this affects the exchange rate, ”said the head of the Central Bank (quote from RIA Novosti).

In her opinion, an attempt to control the ruble exchange rate leads to sharp devaluations and financial crises. Ms. Nabiullina is convinced that the stabilization of the ruble will contribute to low inflation, since the lower the inflation, the more stable the exchange rate.

April 2, Deputy Prime Minister Alexander Novak informedthat Russia extended the decision to reduce oil production until the end of 2023. After that, Russian oil prices began to rise. Bloomberg this week reportedthat oil exports from Russian ports began to decline.

On the situation in the foreign exchange market – in the material “Kommersant FM” “The ruble is getting calmer”.

Laura Keffer