“Reason of special interest”: Peskov spoke about the strengthening of the ruble

macroeconomic stability

Speaking at a briefing, Peskov said that the issue of strengthening the ruble is an opportunity for the Cabinet to pay special attention.

“A strong ruble topic constantly arises at meetings on economic issues. You know, actually President Putin runs them on a weekly basis. This, of course, is of particular interest, the process of strengthening the ruble is underway. This is the reason for the special interest of the government. “The government is doing this, macroeconomic stability is achieved,” Peskov said.

by Moscow exchangeWednesday well For the first time since February 2018, the dollar fell below 56 rubles, and the euro – for the first time since June 2015 fell below 58 rubles.

Bank of Russia I decided To hold an extraordinary Board meeting on Thursday where the issue of key ratio level will be addressed.

The organizer’s press release explains that the decision of the Central Bank Board of Directors will be made public on May 26 at 10:30 Moscow time.

The next key interest rate meeting of the Central Bank will be held on June 10. Prior to that, the refinancing rate was reduced by three percentage points to 14 per year on April 29.

Anatoly Aksakov, chairman of the State Duma Committee on Financial Markets, expects the Central Bank of the Russian Federation to cut the key rate by 2 percentage points to 12% on May 26, TASS reported.

“Based on a sanction strike”

On May 23, Russian President Vladimir Putin said that despite the sanctions, the Russian economy had sufficiently withstood the coup.

“The Russian economy withstands the sanctions blow, it endures in a very valuable way,” said the head of state.

According to him, “all the main macroeconomic indicators speak of this.” The Russian leader added that the economic situation in the country requires special efforts of the Russian authorities.

“Yes, of course, not everything is easy. “Everything that happens requires special attention and special efforts from the government’s economic bloc, and I want to emphasize that in general, these efforts have a positive impact,” he said.

Ruble reinforcement

Maxim Oreshkin, the deputy head of the Russian president for the economy, said on May 19 that the current ruble exchange rate is strictly market-based.

The question is, why is the ruble getting stronger? Many say that the ruble is not real, they try to deny the truth, but in fact, the exchange rate was artificial last year, this year it is strictly market-based, without any external influences,” he said. Educational marathon “New Horizons” of Russian society “Knowledge”.

According to him, the Russian national currency strengthens due to the strong balance of payments due to the high prices of exported oil. In addition, the Bank of Russia and the Ministry of Finance stopped buying foreign currency from the market, closed the possibility of attracting capital to countries that are not friendly to the Russian Federation, and the possibility of making payments to investors from such states.

Oreshkin noted that the EU severely limits the volume of exports to Russia, therefore, it seriously reduces the possibility of purchasing and importing goods. As a result, Russia found itself in a situation where too much money was getting into it, and the need for it was significantly reduced.

The deputy of the Russian leader believes that since Russia does not need dollars or euros in the volume they come in, Moscow can do nothing with them, and therefore the national currency is seriously strengthened.

economic war

On May 21, Deutsche Wirtschafts Nachrichten reported that the Russian economic system continues to operate effectively despite the pressure of sanctions.

Analysts are surprised that Western sanctions have done little damage to the Russian economy. Russia was clearly well prepared for an economic war.

The authors of the material emphasized that, contrary to forecasts, the ruble exchange rate shows a positive growth trend and has reached record levels over the past seven years. And to maintain the stability of the national currency, it allows high revenues from energy sales and the strengthening of trade ties with India and China.

The article notes that the rapid reorientation to alternative markets has helped Russia recoup most of the losses against the backdrop of the European Union’s attempts to abandon Russian oil and gas.