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Ruble’s exchange rate to normalize shortly — presidential aide

Maxim Oreshkin mentioned soft monetary policy as the main reason for the ruble’s weakening and inflation acceleration noting that the regulator has all necessary tools for normalizing the situation

MOSCOW, August 14. /TASS/. A weak ruble complicates the structural transformation of the economy, Presidential Aide Maxim Oreshkin said in an op-ed article for TASS, adding that a strong ruble is in the interests of Russia’s economy, and that the exchange rate is expected to normalize shortly.

"The current exchange rate has largely deviated from fundamental levels, though it is expected to normalize in the near future. A weak ruble complicates the economy’s structural transformation and negatively influences real household earnings. A strong ruble is in the interests of the Russian economy," he said.

Oreshkin mentioned soft monetary policy as the main reason for the ruble’s weakening and inflation acceleration, noting that the regulator has all necessary tools for normalizing the situation in the near future.

Earlier on Monday the dollar exchange rate surpassed 101 rubles for the first time since March 23, 2022.