SERGEY ZUBOV: “RUBLE IS STRENGTHENING, BUT PRICES ARE NOT FALLING"
The ruble's real effective exchange rate rose by 34% in April, “Rossiyskaya Gazeta” reported. Sergey Zubov, Senior researcher at the Financial Studies Department of the Gaidar Institute, believes that the ruble's appreciation is a positive phenomenon, but it does not nullify inflation, however, it evidences a relatively low level of inflation challenges compared to the EU and other countries.
The Bank of Russia has calculated that the real effective ruble exchange rate against foreign currencies rose by 34% in April this year after declining by 18.1% in March and by 10.3% for the entire Q 1.
Sergey Zubov noted that it is too early to talk about a long-term trend. In his view, the indicator should balance out and tend to fluctuate in a low range as the political and macroeconomic situation in the world stabilizes. Moreover, in the absence of new shocks, the Russian economy is capable of demonstrating stability, which, in particular, may be reflected in the dynamics of the real effective ruble exchange rate.
Sergey Zubov noted that it is too early to talk about a long-term trend. In his view, the indicator should balance out and tend to fluctuate in a low range as the political and macroeconomic situation in the world stabilizes. Moreover, in the absence of new shocks, the Russian economy is capable of demonstrating stability, which, in particular, may be reflected in the dynamics of the real effective ruble exchange rate.