21 Sep 2022 12:06

Russia's Economic Development Ministry expects ruble to weaken in upcoming years, should be 10%-15% stronger than past five-year average

MOSCOW. Sept 21 (Interfax) - Russia's Economic Development Ministry expects the ruble exchange rate to weaken in the upcoming years, though it should remain 10%-15% stronger than the past five-year average, Economic Development Minister Maxim Reshetnikov said on Wednesday in the Federation Council as part of the so-called government hour.

"Weakening is also expected relative to the current values of the ruble exchange rate. Meantime, the real ruble exchange rate should be 10%-15% stronger in the coming years than over the past five years, which is very important," Reshetnikov said.

The decline in exports will slow next year in real terms, and exports will return to growth in 2024-2025, mainly on the back of non-oil and gas exports, Reshetnikov said. "We're also taking into account the Energy Ministry's plans to reorient oil and gas exports toward neutral countries," he said.

"Imports will continue to recover. If recovery is currently mainly in consumer imports, then interim imports and investment imports will gradually begin to grow starting in 2023," Reshetnikov said.