The statement by the head of the Ministry of Industry and Trade Denis Manturov that the fall in the ruble is "cool" is justified by the fact that a weak ruble is beneficial for exporters and companies whose production competes with foreign goods. This opinion was expressed by Boris Pivovar, a senior lecturer at the Department of Business Process Management at the Faculty of Market Technologies of the Institute of Industry Management.
Manturov's statement can be supported from a macroeconomic standpoint, since the weak exchange rate of the national currency becomes beneficial for exporters and companies whose production competes with foreign goods on the Russian market, - explained FBA "Economics Today" Pivovar.
At the same time, he noted that the fall of the ruble is not at all beneficial to the population, who are forced to lose income and increase expenses. The economist believes that a weak ruble will be able to induce domestic producers to switch to the domestic market, but it is difficult to say whether this will be effective.
Due to the economic crisis caused by the pandemic, no industry can confidently guarantee sustainable development. This may force enterprises to pay attention to the domestic market only by 2023., - the expert considers.
Metallurgy, oil and gold mining, on which Manturov has relied, can really benefit from a weak ruble. However, according to the expert, a significant share of purchases from companies from these industries consists of foreign equipment, which is becoming more and more expensive.
The economist suggested that the ruble could balance in an “established corridor” for a long time, but with the introduction of restrictions and a negative scenario for the development of a pandemic, the exchange rate of the Russian currency could fall even more.
As chernayakobra.ru wrote, not all representatives of the Russian establishment believe that the 20% fall in the ruble is a reason to “cry”. Among those who are optimistic is the Russian Minister of Industry and Trade Denis Manturov, who believes that such a fall is “cool”. Russian companies that do not depend on imports "are now in a favorable position," he said in an interview with the US business agency Bloomberg. At the same time, the agency notes that the Kremlin has taken measures to reduce the dependence of companies on imports, since US and European sanctions limited Russia's access to international markets in 2014.
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