The recent weakening of the ruble was caused by changes in the trade balance – the inflows and outflows of currency in and out of the country, Finance Minister Anton Siluanov said on Monday, July 31.
Another factor that influenced the ruble, Siluanov called the holiday season, during which the demand for foreign currency is growing.
“Some experts link the situation on the foreign exchange market with the work of our subcommittee. When foreigners sell their business in Russia, they buy currency and transfer it abroad,” the head of the Ministry of Finance said in an interview with TASS.
However, in his opinion, this has an uncritical effect on the foreign exchange market, since the Ministry of Finance and the Central Bank of the Russian Federation have set a limit of $1 billion per month on the volume of currency withdrawal from the sale of a business.
On July 21, the head of the Central Bank (CB) of the Russian Federation, Elvira Nabiullina, said that the main factors for the ruble’s decline in June and July were a decrease in exports and an increase in imports. In addition, the head of the regulator noted that the weakening of the ruble has not yet fully translated into prices.
On June 15, Siluanov said that the Russian economy faces many challenges in the current conditions, but the government understands how to respond to them. According to him, the country is successfully coping with the problems that have arisen in connection with the introduction of Western sanctions, and will cope in the future.
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