27 Dec 2022 09:33

Strong ruble has played its role, now 70-80 rubles/$1 better for economy - Belousov

MOSCOW. Dec 27 (Interfax) - A strong ruble has played its role for the economy, but now, with companies' revenues falling, it is generally better for the economy, including in terms of investment, to have a somewhat weaker ruble in the range of about 70-80 rubles per U.S. dollar, First Deputy Prime Minister Andrei Belousov said.

"A strong ruble has [already] played its role," Belousov said in an interview with TV channel Rossiya 24.

"But now we see that, in conditions when our companies' revenues are fall...Our exports are falling, but they are inelastic to the exchange rate on the whole, exporters' revenues, of course, are slumping. But I repeat, overall revenues are slumping, and this is affecting investment. In these conditions it is, of course, good to have 70-80 rubles per dollar as the ruble's approximate exchange rate," Belousov said regarding his view that the current exchange rate is better for the economy.