The head of the Ministry of Economy allowed the ruble to strengthen more than forecast

The Russian currency may strengthen more than expected by the Ministry of Economy, said the head of the Ministry of Economy Maxim Oreshkin.

Details

• According to his forecast, the dollar may go below 64 rubles.
• This will happen due to the suspension of currency purchases on the open market.
• Quote : “Now the monthly volume of purchases made by the government is about $7 billion. That is, over the past three months, about $25 billion in additional currency supply in the absence of purchases by the Central Bank will come to the foreign exchange market,” Oreshkin said.

Context

• From the highs of early September, the dollar fell against the ruble by 7%. On Wednesday afternoon, the US currency was trading at 65.6 rubles. The strengthening of the Russian currency occurred against the backdrop of easing sanctions risks (in particular, it became known that Congress would not have time to adopt a new sanctions law before November), rising oil prices (Brent rose above $85) and the next tax period.
• The Central Bank stopped buying foreign currency at the end of August.
• Experts interviewed by The Bell expect that against the backdrop of rising oil prices and in the absence of bad news about sanctions, the dollar may fall in price to 55-65 rubles by the end of the year.