Economist Belyaev recommended abandoning investments in dollars
The dollar has ceased to be a profitable currency for Russian investments due to the stabilization of the economy and the undervaluation of the ruble in relation to the American currency, economist Mikhail Belyaev said in a conversation with Lenta.ru.
“The exchange rate depends on the state of the economy. Our current state is strong and stable, so there is no point in talking about the prospects of the ruble falling against the dollar,” Belyaev believes. “There is another factor: the ruble is undervalued against the dollar. This is evidenced by the fact that the GDP, calculated at par, puts our country in 10th-11th place in the list of countries by GDP.”
Belyaev attributes the undervaluation of the ruble to the stock exchange valuation. But, as he noted, the stock exchange rate largely depends on the market conditions: the influx of currency, coordinated actions, and market manipulation. Now, despite the fact that the Central Bank sets the rate manually, it is becoming more objective.
“The exchange rate is calculated based on an analysis of banks’ balance sheets, over-the-counter trading, and the state of trade and payment balances. This calculation is not arbitrary, it is based on objective economic indicators,” the economist explained.
He concluded that, despite the possibility of exchange rates fluctuating within a few rubles, there is no reason to expect a sharp fall in the ruble against the dollar. Accordingly, the American currency has ceased to be so profitable for investment and savings.
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Earlier it was reported that on Thursday, June 27, the ruble strengthened against major currencies to its highest levels in a week. The one-day (with auto-extension) settlement futures for the dollar-ruble pair, which in the absence of dollar trading on the Moscow Exchange can be considered an indicator, fell by one and a half rubles, to $85.32, after which it corrected to 85.8 rubles. On the Forex market, the dollar fell to 84.47 rubles.
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