Ruble-dollar exchange rate surpasses 100 rubles mark, according to Herman Gref's statement
In the current scenario, the Russian Ruble (RUB) is trading at around 78-79 rubles per dollar, causing concern for export industries and the economy as a whole. German Gref, a notable figure, noticed the impact on the budget, expressing the need for the Ministry of Finance to find new ways to cover budget deficits by 2025. Gref described the Russian economy as facing an "economic storm," citing high interest rates that discourage investment and impede economic growth.
VTB's Andrei Kostin shares a similar view, deeming the ruble's strengthening as harmful. Kostin favors the rate around 90-100 rubles per dollar. In his opinion, excessive currency sales and artificial support of a strong national currency might be contributing to the issue.
Maxim Reshetnikov, the Minister of Economic Development, attributes the ruble's strengthening to insufficient demand in the economy due to tight monetary policy. Reshetnikov mentions the Central Bank's decisions as crucial in determining the currency's further dynamics.
As of June 20, the official Central Bank rate stands at 78.48 rubles per dollar, 89.8 rubles per euro, and 10.86 rubles per yuan.
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- Hashtags: #Sberbank, #German Gref, #SPBIF, #CurrencyRates*
- The strengthening of the Russian Ruble, as perceived by Maxim Reshetnikov, the Minister of Economic Development, and VTB's Andrei Kostin, could potentially hinder the finance sector, businesses, and export industries, as it might discourage foreign investment and influence economic growth negatively.
- In light of the current financial scenario, with the Russian Ruble trading at around 78-79 rubles per dollar and the escalating concern for the economy, German Gref's suggestion for the Ministry of Finance to find novel methods to address the projected budget deficits by 2025 becomes increasingly relevant.
