Oct 16, 2020
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Manturov: a 20% fall in the ruble is “cool”

The head of the Ministry of Industry and Trade of Russia, Denis Manturov, in an interview with the American business agency Bloomberg, said that the drop in the ruble exchange rate by 20% against the US dollar is “cool”.

Agency notesthat not all representatives of the Russian establishment believe that the ruble's fall by 20% 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 drop is "cool", adds Bloomberg.

Russian companies that do not depend on imports "are now in a favorable position," Manturov said in an interview on Wednesday., - the agency writes.

Bloomberg notes that the Kremlin has taken steps to reduce companies' dependence on imports as US and European sanctions limited Russia's access to international markets in 2014. Manturov three years ago said that the rate of 62 rubles per dollar would be the optimal level for Russia. On Thursday, the currency was trading at about 78 per dollar, Bloomberg recalls.

As wrote, against the background of a sharp weakening of the ruble, it is no longer possible to stop the flight of investors from ruble assets. At the same time, the Bank of Russia was in no hurry to take any measures. At the same time, the regulator was expected to start selling proceeds from the transaction with Sberbank.

The fall in the exchange rate of the national currency is guaranteed to lead to an increase in the cost of any import for the economy. For Russia, this issue is more than relevant, because the basis of imports is made up of raw materials, and not at all value-added products. Often, such goods are produced in Russia using imported resources, including foreign machine tools and other equipment. In addition, food imports are becoming more expensive.


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