6 Apr 2023 17:27

Ruble to transition to gains on back of price growth for energy commodities - Siluanov

MOSCOW. April 6 (Interfax) - The increase in FX revenues from exports on the back of rising energy prices will reverse the current trend of the ruble weakening, Russian Finance Minister Anton Siluanov said.

"Changes in the exchange rate are connected with FX inflows and outflows in our country. The inflows and outflows are related to the balance of trade, how much was sold and how much was purchased. These changes are linked either with an increase in imports or with a slight decrease in export revenues. Trends have been occurring in recent months both in one direction and the other. This is an indicator of changes in the balance of trade, it is to be expected. The exchange rate adheres to market principles, it floats absolutely in a changing foreign economic situation," Siluanov said in an interview with reporter Pavel Zarubin (VGTRK) when asked to comment on the ruble falling below 81 rubles/$1.

"We are not setting any limits. The Central Bank, as a regulator in the money market, does not set any limits [it does not target the exchange rate]. The prices of our energy resources have increased now, and this is a signal that there will be more currency coming into the country, respectively, this will prompt a trend towards the strengthening of the ruble exchange rate," the minister said.