The euro exchange rate during trading on the Moscow Exchange on the morning of July 6 reached 102 rubles. The dollar rose to 93.85 rubles. The last time the euro and the dollar cost so much was in March last year.
Chairman of the Bank of Russia Elvira Nabiullina, speaking at the International Financial Congress organized by the Central Bank, said that the weakening of the ruble is associated with trends in international trade:
“When the rate weakens, various conspiracy theories begin, which is almost a special weakening in order to increase budget revenues, or some other theories. But we must first of all look at the dynamics of foreign trade. It largely determines the movement of the course.
Nabiullina recalled that the strengthening of the ruble in 2022, when the West began to impose sanctions against Russia, was perceived by many as a victory over circumstances. “But we must honestly admit that this was the result, first of all, of a sharp increase in exports and a decrease in imports at that time. Now, if we look at the dynamics of the exchange rate, it is also largely explained by foreign trade. If, for example, we compare the positive current account in the first quarter of this year, then compared to the peak of last year, it fell five times,” the head of the Central Bank explained.
According to her, the floating exchange rate of the national currency should be perceived as a blessing, since it allows the economy to “absorb” external changes more easily. Nabiullina stressed that attempts to artificially regulate the exchange rate end in periods of deep devaluation.