The President of Skolkovo said that it will be with the ruble exchange rate
The increase in the exchange rate of foreign currencies, which occurred in the spring of this year under the influence of the pandemic, brought losses to the Russian economy, however, no further sharp weakening of the ruble is expected.
Skolkovo Foundation President Viktor Vekselberg announced this at the All-Russian youth educational forum "Territory of Meanings," reports a PolitNavigator correspondent.
“Due to the fact that we have a ruble budget, we lost on this. Not much, but lost. Our exchange rate is part of our economic policy, so the weakening of the ruble is help for our exporters, which is bad for our importers.
I think that we can hardly expect a catastrophic or any significant further weakening of the national currency, since this will not happen,” Vekselberg said.
However, he admitted that if we compare the consequences of the 2008 crisis with the current one, the situation today is more complicated.
“The economic consequences for the world in general and for Russia in particular are much greater and more complex than what happened in 2008. It will take us longer and more difficult to recover,” Vekselberg said.
As for the stock markets, they are also still in decline, except for the US market, which, according to Vekselberg, is still afloat thanks to the “epidemic” profits of individual companies.
“The American market is driven exclusively by those companies that have benefited from this situation. I don’t think that the markets have recovered, they will recover for a long time, because all the traditional giants and markets remain crouched today in a certain expectation of what will happen ahead,” explained the Skolkovo director.
Russia, as Vekselberg suggests, will restore its economy no sooner than the end of next year.
Skolkovo's President Announces Ruble Exchange Rate Changes