Vice President of the Russian Federation Maxim Oreshkin explained the reasons for the weakening of the ruble in the first half of 2022. According to him, the dynamics of the Russian currency was affected by the decline in oil prices and the revival of imports. This was reported by TASS.
“There were several reasons for the weakness of the ruble. On the one hand, this is due to the deterioration in oil prices, on the other hand, as trade flows improved, imports also recovered,” Oreshkin said at the WEF.
He noted that the growth in imports is a natural result of the economic recovery and consumer demand. This led to a weakening of the current account and increased volatility in the foreign exchange market.
Oreshkin also said that the peak of the ruble’s weakness has passed. He foresees a slight decrease in imports and a strong growth in exports as oil prices recover. “It is currently recovering, by the end of the year imports of goods and services will fall slightly, exports will increase greatly, because oil prices have recovered, they have recovered significantly, we fell to 50-55 dollars per barrel, now it is 70 dollars per barrel for Russia’s export oil, Oreshkin “-75 per head,” he said.
Previously linked to Oreshkin Weakening of the ruble With loose monetary policy.