In Russia, they announced the benefits of the fall of the ruble

The current exchange rate of the Russian ruble contributes to the increase in exports. For exporters, this factor is more important than the key rate level. Russian Finance Minister Anton Siluanov said this on Tuesday, November 26.

“The most important thing is that the exchange rate for export is more important than the rate,” he said at the Financial University’s international forum.

The moderator of the session recalled that the ruble exchange rate against the dollar was already three-digit.

“I’m not saying that the rate is good or bad, I’m just saying that now the rate for exporters is very favorable to export,” Siluanov repeated his statement.

At the same time, he emphasized the need to resolve the issue of inflation.

“Inflation hits low-income people first. Inflation affects companies whose current costs are also tied to inflation – it’s wages, raw materials, materials they use in production. We stand by unity with the central bank,” said Siluanov.

Let us remind you that the ruble accelerated its decline against the dollar, the euro and the yuan after the introduction of sanctions against Gazprombank and 50 other Russian banks, complicating additional payments for gas. The yuan/ruble pair on the Moscow Exchange exceeded the 14.5 ruble mark. for the first time since March 2022.

The ruble on the interbank market updated its lowest since March 2022 against the dollar, according to LSEG data, reaching 105.37 on the spot, and 110.55 rubles against the euro. Since the beginning of September, the ruble has fallen by 20% against the Chinese currency and by 15% against the US dollar.

As reported by the media, Russian importers are preparing for further weakening of the ruble exchange rate – they already include 120-125 rubles per dollar in their internal payments.