Anton Siluanov, Head of the Ministry of Finance of the Russian Federation, evaluated the price situation in Russia with the statement “If you don’t buy, it’s normal.” He stated this at the plenary meeting of the Moscow Financial Forum, he is writing “Lenta.ru”.
In his speech, Siluanov noted that the ruble exchange rate should be predictable: Some in the country need the Russian currency to be strong, others need it to be weak, and the Ministry of Finance is working to ensure that it is stable.
Before this, the Governor of the Central Bank of the Russian Federation, Elvira Nabiullina, said that the ruble exchange rate would be weaker if the interest rate was kept at 7.5-8.5% annually.
According to the Ministry of Finance’s forecasts, the ruble exchange rate will rise to 94.3 rubles by the end of this year. The Ministry of Economic Development of the Russian Federation expects the exchange rate in December 2023 to be 94.3 rubles per dollar and 105 rubles per euro. The ministry expects the ruble exchange rate to strengthen further, reaching its peak in June 2024. According to the Ministry of Energy, by June next year the price of the dollar will be 87.5 rubles. Minister of Economic Development Maxim Reshetnikov said on September 22 that the dollar exchange rate could reach 94 rubles by the end of this year.
Before this, the Central Bank had said that the dollar exchange rate could reach three digits with the previous key rate of 8.5%. On August 15, the Bank of Russia increased the interest rate by 350 basis points to 12%, and on September 15 by 100 basis points to 13%.
Previously happened It is known how the weakening of the ruble will affect the state of the economy.