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Russian producers 'comfortable' with ruble’s exchange rates

March 01, 2017, 15:37 UTC+3 SOCHI
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SOCHI, March 1. /TASS/. The ruble’s exchange rate of 60-65 per dollar is comfortable for industrial enterprises, Russia’s Deputy Minister of Industry and Trade Vasily Osmakov told TASS in an interview within the Russian Investment Forum (Sochi 2017).

"We’ve polled companies, and they say that the rate of 60-65 rubles per dollar is comfortable. Commodity exporters are comfortable with 70 rubles (per dollar), but those with a lower level of localization prefer a stronger ruble," he said.

According to Osmakov, the stability of the national currency is more important for Russian producers than its exchange rate.

"Obviously, the ruble not over-strengthened over the long-term is a basis for projects in the area of import substitution and localization of production in Russia. A dollar worth 60-65 rubles enables companies to implement investment programs. But the main thing for businesses is not a weak or a strong ruble, but a stable (ruble), so that they have time to adjust in case of changing rules of the game. On the other hand, the state is interested in the implementation of long-term projects," he said, adding that the exchange rate of the ruble within 60-65 rubles per dollar is most comfortable for those projects.

Earlier Russia’s Industry and Trade Minister Denis Manturov said that local producers benefit from a weakening ruble. Previously, expensive loans pegged to the Central Bank’s key rate had a negative impact on the Russian industry. The Bank of Russia first reduced its key rate in mid-2016 amid the stabilization of the national currency.

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