MOSCOW, October 22 Using the ruble in payments for imports can strengthen its exchange rate, the head of the laboratory for analysis of institutions said in an interview with the Prime agency and financial markets of the Institute of Applied Economic Research RANEPA Alexander Abramov.
According to the Bank of Russia, more than 50 percent of Russian supplies to Europe in August were paid in rubles. The Russian currency dominates in payments for resources with Asia, Oceania and the countries of the Caribbean region. This can also have a positive effect on the ruble, but much depends on the currency of payments for imports, the economist is sure.
““If imports grow and are paid to a greater extent in freely convertible currency, there may not be enough of it, which will contribute to the weakening of the ruble even with an increase in its share in Russian exports,” the expert believes.
It is also important to correctly assess the ruble reserves at the disposal of non-residents, including their income from the supply of goods to Russia. If they inflate prices for us, the rubles in their accounts their exchange for foreign currency will again weaken the ruble, Abramov concluded.