13 Sep 2023 09:51

Russia's Econ Ministry forecasts average annual dollar rate of 90.10 rubles in 2024, steady rise to 92.30 rubles by 2026

MOSCOW. Sept 13 (Interfax) - Russia's Economic Development Ministry forecast that the ruble's exchange rate against the U.S. dollar will average 85.20 rubles/$1 this year, 90.10 rubles in 2024, 91.10 rubles in 2025 and 92.30 rubles in 2026, a spokesman for the ministry told reporters.

The ministry's revised macroeconomic forecast was reviewed and generally approved by the government's budget commission on Tuesday.

The ministry expects the rate to be around 94 rubles/$1 by the end of 2023 and then drop to below 90 rubles in mid-2024 and subsequently hover at around 90 rubles, the spokesman said.

"Overall oil and non-oil export indicators will grow faster than import indicators, according to the forecast, so our trade balance will total $145 billion this year. The normalization of the trade balance will, in our view, lead to the strengthening of the ruble [by the middle of 2024]," the spokesman said.