In 2023, the dollar is likely to rise in price to the projected 80 rubles. This opinion was expressed by Yulia Makarenko, Deputy Director of the Banking Development Institute.
“But this will not have such pressure and impact on the economy, as it would have happened in 2022, if not for the actions of the Central Bank (a sharp increase in the key rate. – Ed.). This is objectively not so scary: commodity prices will not rise too much. With many countries, the issue of decoupling the dollar from international settlements and switching to national currencies is being resolved: with the countries of the EAEU, with India, China. The share of investment in US government debt is also at the required minimum,” she said.
Makarenko concluded that Russia no longer experiences the former dependence on the dollar and the exchange rate is no longer so important for Russian financial institutions.
“On the one hand, imported goods were cheaper. On the other hand, our exporters received less income and paid less taxes. So a course of 70–80 rubles is indeed very desirable in 2023. The economy of the Russian Federation is export-oriented, and the sanctions against the Russian Federation are aimed precisely at reducing exports,” said Artem Tuzov, Executive Director of the Capital Market Department at IVA Partners Investment Company.
He concluded that the volume of trading in the ruble against the dollar and the euro is constantly falling. The exchange rate of the yuan against the ruble matters, where it is worth talking about the growth of the exchange rate to 12–14 rubles per yuan.
Read more in the exclusive Izvestia article:
“Compensatory mechanism: why a weak ruble is beneficial for the economy”
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