FX rate has stabilized near 90 rubles/$1, is acceptable for exporter and domestic market - Belousov
MOSCOW. Dec 21 (Interfax) - The Russian economy has reached a point of balance between exports and imports, with the exchange rate stabilizing at a level of 90 rubles per dollar, which is acceptable to exporters, consumers and investment markets, Russian First Deputy Prime Minister Andrei Belousov said at a meeting of the Council on Strategic Development and National Projects chaired by Russian President Vladimir Putin.
"In general, it can be noted that the Russian economy has found the balance point of exports and imports. This is evidenced by the stabilization of the exchange rate around 90 rubles per dollar. Which is acceptable both from the point of view of exports and from the point of view of the country's consumer and investment markets," Belousov said.
"This year's preliminary results allow us to say that the Russian economy as a whole is adapting to sanctions pressure. By building effective cooperation with partners from friendly countries and promptly developing the necessary tools to support Russian entrepreneurs, we managed to preserve the country's export potential. And provide the population and enterprises with the necessary goods and resources," Belousov said.
Belousov said that the value of export supplies only to markets of friendly countries in 2023 exceeded $360 billion, "having increased in volume terms by 60% compared to 2021".
At the end of this year, Russian exports to China will reach a record high of more than $110 billion, he said.
As for imports, Belousov said that the total volume of imports [from all countries] has already exceeded 2021 figures - increasing to about $300 billion.
He also noted that in 2023, "the total share of the ruble and national currencies of friendly countries in settlements for exports and imports of goods and services will amount to 65%; for comparison, in 2021, it was only 22%".
In addition, he said, the strategy for the development of Russia's foreign economic activity for the period through 2030 is currently being finalized.
"The goal of the strategy is to position Russia as one of the leaders of the multipolar world, implementing its own national development agenda and ensuring its economic, financial and technological sovereignty," Belousov said.
According to him, the implementation of the strategy "should provide a sustainable foothold in new markets for the full realization of Russia's foreign economic potential, to form a network of partnerships with friendly countries, to ensure technological cooperation in order to modernize the industrial and technological base, to form an effective multilateral infrastructure to support foreign economic relations."
Belousov said that in accordance with the established deadlines, the strategy will be approved by March 1, 2024.