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3 Oct, 2023 15:11

Ruble exchange rate to dollar doesn’t matter – Kremlin

Measuring up to other currencies is a “remnant of the past,” Dmitry Peskov has said
Ruble exchange rate to dollar doesn’t matter – Kremlin

The Russian currency’s continued backslide against the US dollar is not a reason for concern, Kremlin spokesperson Dmitry Peskov stated on Tuesday, calling such worries a “remnant of the past.”

The comment follows the ruble’s depreciation past the symbolic threshold of 100 rubles to one dollar on Tuesday for the first time since mid-August. The currency recovered slightly through the morning to trade just above 99 to the dollar.

“Excessive attention to the ruble-dollar exchange rate is possible from an emotional point of view, but rather is a remnant of the past after all,” Peskov told a press briefing. “We have to get used to living in the ruble zone and not feel dependent on the dollar,” he said, adding that the central bank and the government are fully ensuring macroeconomic stability.

The ruble’s weakness has been attributed to soaring demand for, and insufficient supply of, foreign currency in the country (including demand from importers) and changes in the country’s trade balance. Experts forecast that the currency could stabilize to 95-96 against the dollar within a month and, by the end of autumn, strengthen to 90.

President Vladimir Putin said recently that the ruble’s slide was no cause for concern as the central bank has all the necessary instruments to support the national currency.

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