Even if Russian exporters sell 80 percent of their foreign exchange earnings, the ruble exchange rate will not rise to 60 rubles per dollar in 2023, as it did last year. This opinion was expressed by BCS Forex analyst Anatoly Trifonov in a conversation with socialbites.ca.
According to him, the situation in Russia on the foreign exchange market is radically different now and in the spring of 2022, when the compulsory sale of foreign currency earnings by exporters was last introduced.
“The strengthening of the ruble to 60 rubles per dollar was achieved due to a sharp contraction in imports under the influence of sanctions, high export volumes provided by rising energy prices and the introduction of strict limits on money and bank transfers, limiting outflows from the current account. the analyst explained.
Therefore, Trifonov concluded that even if exporters sold 80 percent of their foreign exchange earnings, the strengthening of the ruble would not be as sharp as last year. The expert predicted that the dollar will be 94.1 rubles by the end of the year.
The other day, Russian President Vladimir Putin signed a decree stipulating the compulsory sale of foreign currency earnings of some exporters. The document affects 43 exporter groups, including those from the fuel and energy industry, forestry and chemical industries, ferrous and non-ferrous metallurgy and grain production. The names of the companies have not been disclosed yet. It was decided to stabilize the ruble exchange rate. It has been declining since last week, the dollar rose above 100 rubles several times.
What will happen to the ruble exchange rate at the end of the year, socialbites.ca said financiers and economists.
Babin, formerly a financier named The dollar exchange rate of 100₽ is a serious trigger for investors.