Russia’s Currency Surplus and the End of Ruble’s Fall: Insights from Assistant to the President, Maxim Oreshkin

Surplus of Hard Currency and Fall of the Ruble: Insights from Russian Official

Maxim Oreshkin, Assistant to the President of the Russian Federation, has indicated that a surplus of hard currency is expected to form in the coming months. He also mentioned that Russia has already passed the peak of the fall of the ruble. Oreshkin made these statements during the Eastern Economic Forum held in Vladivostok from September 10-13.

Positive Market Outlook

Oreshkin expressed confidence in the market’s progress, stating that “the market has passed its peak.” He further explained that in the near future, the market can anticipate significant foreign exchange earnings due to rising prices of goods and services. Additionally, the consequences of raising the key interest rate and implementing stricter monetary policies are expected to contribute to this positive outlook.

Central Bank Actions

Last year, during an extraordinary meeting of the board of directors on August 15, the Central Bank of Russia raised the key interest rate by 350 basis points, bringing it to 12%. Alexey Zabotkin, Deputy Chairman of the Bank, recently acknowledged that inflation risks remain significant. As a result, another interest rate increase is not ruled out at the upcoming meeting on September 15. Zabotkin also mentioned that the central bank will focus on tightening macroprudential regulation alongside monetary policy, with the aim of stabilizing the consumer lending market and controlling inflation.

Eastern Economic Forum

The Eastern Economic Forum, held annually in Vladivostok, brings together delegations from various countries including Belarus, Vietnam, India, Kazakhstan, China, North Korea, Laos, Myanmar, Singapore, and the Philippines. This year’s forum, held from September 10-13, revolves around the theme of “On the path of cooperation, peace, and prosperity.”

Source: RT