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The economist explained why the ruble depreciates sharply and for how long

The economist explained why the ruble depreciates sharply and for how long

a Sharp fall of the ruble was to be expected, and this was influenced by several factors, stated in conversation with the correspondent of “Rosbalt” the Dean of the faculty of Economics of the European University in Saint-Petersburg Julia vumyatin.

According to her observations, the depreciation of the currency in developing countries — the General trend of recent times, and Russia has “long held”.

“In the third quarter, it looks that recorded a negative balance of payments (excess of payments of the country over the payments in the country — “Rosbalt”). It also contributes to the fall of the ruble. Oil and gas is relatively cheap and imports are beginning to recover, because the economy is coming out of idle,” said vumyatin.

According to her, was also influenced by the expiry of a tax period; enterprises sold foreign currency to pay taxes, and the bulk of these operations came to an end.

“we Have low interest rate, and have decreased the difference between what you can earn foreign investors investing in our securities or abroad, but with less risk in developed countries. So we see that there is no large influx of non-residents buying our Federal bonds. On this side also there is no demand for rubles and support,” explained the economist.

She suggested that the Central Bank (CB) will soon take a decision to lower the rate further.

“I think that, on average, in the next two to three months the exchange rate will fluctuate around this level, unless there is something new. If, for example, the Central Bank starts to sell the currency more actively”, — concluded the expert.

Recall that the ruble in the first hour of trading on 30 July on the Moscow exchange significantly weakened. The dollar exchange rate calculations “tomorrow” has jumped to 84 kopecks to the previous close to 73,41 of the ruble. The Euro gained 69 cents and was at 86.30 of the ruble, according to data exchanges.

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