Oct 16, 2020
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Economist did not appreciate Manturov’s delight over the fall of the ruble

The head of the Ministry of Industry and Trade of the Russian Federation, Denis Manturov, called the fall in the ruble exchange rate against the dollar by 20% since the beginning of the year as a great advantage, explaining that in this way domestic producers would rely less on imports. Economist Alexander Abramov believes that the devaluation process should be treated with caution, since a decrease in imports may negatively affect further economic growth.

The head of the laboratory of the Institute of Applied Economic Research, RANEPA, explained that the ruble's weakening by 20% is really holding back the growth of imports. But he connects Manturov's optimism only with the fact that over the past year, imports have grown in Russia faster than exports, upsetting the balance of payments and reducing the country's currency reserves.

But I am still a little more cautious about this process, because imports are mainly machines, equipment, that is, what is needed for investment. Therefore, very strong restrictions in this direction can adversely affect economic growth., - stated on the air of radio Sputnik Abramov.

As 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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