Oreshkin urged not to wait for drastic changes in the ruble exchange rate – Kommersant

Assistant to the Russian President Maxim Oreshkin said that due to the reduction of temporary capital outflow and stabilization of the balance of payments, the ruble is strengthening. At the same time, according to him, one should not expect cardinal deviations from the current course.

In an interview “Moskovsky Komsomolets” Maxim Oreshkin noted that the further course depends on the volume of reduction in temporary capital outflow, repayment of external debt and repurchase of foreign assets.

“But at the same time, continued rapid growth in domestic demand can compensate for this whole story. To summarize: the ruble is now strengthening and may strengthen further. But in general, you shouldn’t count on any cardinal deviations of the ruble exchange rate from the current equilibrium values,” said Mr. Oreshkin.

Commenting on the weakening of the ruble in 2023, Maxim Oreshkin said that the key factor was the recovery of domestic demand. In the third quarter, he noted, retail trade turnover increased by 11.3%, and the volume of investments also increased.

“It is clear that the restoration of consumer and investment demand led to an increase in demand for imported products. At the same time, this year oil and gas prices turned out to be lower than they were last year. Against this background, the ruble exchange rate naturally adjusted,” explained the presidential aide.

As a measure to curb the weakening of the ruble, in October 43 groups of companies that belong to the fuel and energy complex, ferrous and non-ferrous metallurgy, chemical and forestry industries, grain farming, obliged sell foreign exchange earnings. From October 1 act export duties tied to the ruble exchange rate of 4–7% (at an exchange rate of 80–95 rubles per dollar) for supplies outside the EAEU.

Read more about the situation in the Kommersant FM article. “The potential of the ruble has been identified.”

Lusine Balasyan