Russian Econ Ministry expects exchange rate to stabilize at 90-92 rubles/$1 in mid-2024 - forecast

MOSCOW. Sept 25 (Interfax) - Russia's Economic Development Ministry expects the exchange rate to stabilize at 90-92 rubles/$1 in the middle of 2024, according to a forecast reviewed by the government on Friday and published on the ministry's website.

"Pressure on the trade balance and the ruble's exchange rate from foreign trade will gradually weaken by the end of 2023. Since June there has been a turnaround in the situation on world commodity markets - growth of prices for oil and a number of other export commodities. In turn, an increase in the inflow of foreign currency on the current account along with the continued diversification of its currency structure will facilitate the strengthening of the ruble at the end of 2023 and the first half of 2024" the ministry forecast said.

"From the middle of 2024 the Russian currency's exchange rate against the U.S. dollar will stabilize in the range of 90-92 rubles per dollar," the forecast said.

It was reported earlier that the ministry expects the dollar's average annual exchange rate to be 85.20 rubles in 2023, 90.10 rubles in 2024, 91.10 rubles in 2025 and 92.30 rubles in 2026.