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One ruble coin on a US dollar bill. Archive photo

Economist Abramov: The ruble will strengthen if it is used to pay for imports

MOSCOW, October 22 – RIA Novosti. Using the ruble to pay for imports could strengthen the exchange rate. report Prime agency to Alexander Abramov, head of the laboratory for analysis of institutions and financial markets at the RANEPA Institute for Applied Economic Research.

More than 50 percent of Russia’s supplies to Europe in August were paid in rubles, according to the Bank of Russia. The Russian currency predominates in payments for resources with countries of the Asia, Oceania and Caribbean region. This could also have a positive impact on the ruble, but the economist is sure that it largely depends on the currency of import payments.

“If imports increase and a larger rate is paid for freely convertible currency, it may not be in sufficient quantity, which will contribute to the weakening of the ruble even if its share in Russian exports increases,” the expert believes.

It is also important to accurately assess ruble reserves in the hands of non-residents, including revenues from the supply of goods to Russia. If they inflate prices for us, more rubles will accumulate in their accounts. Abramov concluded that currency exchanges would weaken the ruble once again.

President Vladimir Putin held an operational meeting with permanent members of the Security Council of Russia - RIA Novosti, 1920, 10/15/2023

We will have to sell. Russian exporters have no choice

Source: Ria

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