Russia's Economic Development Ministry still expects 'new equilibrium' of 90-92 rubles/$1 on forex market in 2024-26 - Reshetnikov

MOSCOW. Oct 16 (Interfax) - Russia's Economic Development Ministry still expects that a "new equilibrium" of 90-92 rubles/$1 could emerge on the forex market in 2024-2026, Economic Development Minister Maxim Reshetnikov said during a meeting of the committee on the budget and taxes in the State Duma with the macroeconomic forecast for 2023-2026.

"Taking into account growth in the trade balance surplus by the end of this year, as well as the measures taken, we expect further stabilization in the ruble exchange rate. Taking into account changes in the structure of payments and the level of capital outflow, we estimate a new equilibrium of 90-92 rubles/$1 in 2024-2026," Reshetnikov said.

"The trade balance surplus should be $145 billion in 2023, which corresponds to the average level in 2020-2021. The trade balance surplus should continue growing going forward. Faster growth in exports with more restrained growth in imports should ensure its recovery," Reshetnikov added.

As reported, the Economic Development Ministry forecasts an average annual exchange rate of 90.10 rubles/$1 in 2024, 91.10 rubles/$1 in 2025, and 92.30 rubles/$1 in 2026.