The expert called the risk that lies in wait for the ruble next year

Coin one ruble banknote one US dollar. Archive photo

The following year, the ruble will pressure new factors, including the restoration of imports, said the “Prime” the head of the Department of banks and money market IR “VELES Capital” Yuri Kravchenko.

According to the expert, the fluctuation of the national currency will contribute to the restoration of imports, further easing of interest rate policy of the Bank of Russia and sentiments of global investors. So, Kravchenko noted, interest in the Russian foreign exchange market has decreased significantly due to the persistence of capital restrictions for non-residents.

In addition, 2023 will begin implementation of a key risk for the ruble to the reduction of exports and surplus account transactions. Therefore, in the long term, you can expect increased pressure on the national currency, the expert explained.

“All the major factors of support already playing on the side of the ruble, and for greater assistance to the Russian currency is unlikely to count,” — concluded the analyst.