The strong ruble could pose a risk to the Russian economy.

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The strong ruble could pose a risk to the Russian economy.

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May 30, 2022 RT News Agency Russian state media reported that Russian Economic Development Minister Maxim Rechetnikov said the sharp rise in the ruble could pose a risk to the Russian economy. in the future


“The current exchange rate is a long-term problem. This is because the Real Effective Exchange Rate is 40% stronger than in the past five years,” said Rechetnikov.

He also stated that The strength of the ruble deprives Russian products of competitiveness in foreign markets.

“This is a serious challenge for domestic producers. because when the import channel is restored They will feel more pressure. (From imported goods), they have to try to compete. and will lose in this competition,” he said.

“If the exchange rate continues like this for the long term, The business will lack competitiveness. We therefore have to cautiously return to the equilibrium rate we had,” he explains.


The value of the Russian currency has risen over the past month. to the highest level in many years After falling to a record low in April. Consequences of sanctions related to the Ukrainian war aimed at destroying the stability of the Russian economy.

The appreciation of the ruble was caused by various measures by the central bank. which enforces strict capital controls and raise the policy interest rate to 20%



However, regulators have lowered the policy rate for the second time in two months to 11%, signaling the country's economy is stabilizing. As a result, the ruble lost some of its value.

Rechetnikov welcomed the central bank's decision, saying: "Without lending It is impossible to restore economic activity. because the existing budget has been used to almost full capacity.”