Posted 10 апреля 2023,, 11:42

Published 10 апреля 2023,, 11:42

Modified 10 апреля 2023,, 13:34

Updated 10 апреля 2023,, 13:34

The Central Bank explained the weakening of the ruble by a reduction in export revenue

The Central Bank explained the weakening of the ruble by a reduction in export revenue

10 апреля 2023, 11:42
The weakening of the national currency occurred as a result of the fact that the country passes the lower point of receipt of export earnings due to the establishment of ceiling prices for Russian oil. This was stated by the Deputy chairman of the Bank of Russia Alexey Zabotkin.

"Indeed, export revenue receipts have decreased, and this is due to the fact that export revenue follows sales volumes and the sales price with some lag. Because we ship goods today, and export earnings for them come in one and a half, two or three months, just the way the technology of calculations is arranged", - the deputy chairman of the Central Bank of the Russian Federation said at a meeting of the working group on the preparation of the regulator's annual report on the results of the past year. Alexey Zabotkin's words are quoted by RIA Novosti.

As Alexey Zabotkin noted, the flow of export revenue today reflects the situation with the volume of supplies, primarily of oil and petroleum products, in December-January. According to the expert, the volume of export revenue will begin to recover when the country passes the low point associated with the introduction of price restrictions on petroleum products. "Further dynamics will be smoother," he added.

Recall that during the auction on Monday, the dollar exchange rate increased to 83 rubles. The euro exchange rate exceeded 91 rubles. Since the beginning of the year, the US currency has already risen by more than 18%, including by 7% over the past week.

Earlier, Alexey Antonov, head of investment consulting at Alor Broker, suggested that the growth of foreign currencies may be due to the fact that one of the major players "buys currency for non-residents who are allowed to sell their Russian business and withdraw currency from the country." According to him, the national currency will grow again after the inflow of foreign currency into the country increases.

Last year, the dollar exchange rate reached record lows. Novye Izvestia studied for whom they kept such a strong ruble and why it was brought down now. As the article says, the Ministry of Finance needs the devaluation of the national currency in order to increase budget revenues. Its deficit in March reached 3.3 trillion rubles. The article notes that only the Ministry of Finance and commodity exporters benefit from the devaluation of the ruble, while the entire manufacturing industry and the population of the country are losers. The devaluation of the national currency is inevitably followed by an increase in inflation.

The author of the Telegram channel Ecworld calls the past year, when the ruble abnormally strengthened against the dollar and the euro, a man-made and protracted "attraction of generosity."  According to him, last year "there was a need to allow "their" to convert rubles and ruble assets into currency at a comfortable exchange rate and withdraw abroad." "Various instruments and currency restrictions were used for this", - the channel's author believes.

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