The Russian authorities recognized a strong ruble as a problem for the economy

The Minister of Economic Development Maxim Reshetnikov during the St. Petersburg International Economic Forum (PMEF) admitted that the ruble is too strong a problem for the Russian economy. His words are given by the Russia 24 TV channel.

According to the official, at the moment the situation is restrained by high prices for export raw materials, but this is already beginning to create problems. “Of course, this new challenge package for the economy is formed, primarily a strong ruble, which, of course, has been overly strengthened. And he creates a problem for both our exporters and importers, ”the minister said.

The solution of the problem of reshetnikov sees in the restoration of demand in the economy with the help of a sharp increase in lending. The budget actually works for these tasks, which allocates money for preferential loans in all areas: mortgage, consumer lending, lending to business and enterprises. The head of the Ministry of Economic Development, the head of the Ministry of Economic Council, expects additional support from the Bank of Russia, which should reduce the key rate, thus making lending even more accessible.

The Russian authorities actually publicly publicly admitted that a strong ruble is a big problem for the Russian economy. Previously, the Ruble strengthening the Kremlin and its representatives presented as an argument of macroeconomic stability and a close to the zero effect of Western sanctions. Russian President Vladimir Putin allegedly claimed that the “dollar is bored”, which supposedly indicates the adaptation of the economy.

In fact, the Russian budget turned up under the average annual dollar rate at the level of 72 rubles, and a significant decrease in the exchange rate hits the income of Russia. At the moment, a strong ruble is the result of the collapse of imports into the country and restrictions on the movement of currency within Russia from the Central Bank. The impossibility of solving import problems will lead to a drop in the profitability of Russian business up to bankruptcy, Russian metallurgists have already encountered such problems.