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Ruble to strengthen to 94.3 rubles per dollar by end-2023 — document

It is reported that in 2024-2026 the exchange rate dynamics will be at the range of 90-92 rubles per US dollar

MOSCOW, September 28. /TASS/. The Russian national currency will gradually strengthen to 94.3 rubles per dollar by the end of 2023 mainly due to recovery of import dynamics, according to the focal points of the budget, tax and customs-tariff policy for 2024 and the planned period of 2025 and 2026 published on the website of the Finance Ministry.

"The ruble’s exchange rate will be mainly defined by the dynamics of payment balance. Its gradual strengthening to 94.3 rubles per US dollar is projected by the end of 2023 (connected mainly with recovery of import dynamics). In 2024-2026 the exchange rate dynamics will be at the range of 90-92 rubles per US dollar," the document said.

The Economic Development Ministry included earlier the Russian currency’s gradual weakening into its midterm macroeconomic forecast in accordance with inflation differential, which will help the ruble’s real effective exchange rate remain stable.

According to the forecast, the euro exchange rate below 100 rubles is expected from May to September 2024. In December 2024, the ruble exchange rate is projected at 91.7 rubles per dollar and 102.3 rubles per euro.

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