The expert assessed the prospects for strengthening the Russian ruble

Professor of the Russian University of Economics Plekhanova Yulia Fenogenova said that this month the ruble will not strengthen against the background of tough anti-Russian sanctions and the aggravation of the geopolitical situation. However, in the medium term, we can strengthen the country’s currency. Three main factors will contribute to this. Gas and oil prices are likely to continue to rise. In this regard, the Russian Federation’s revenue from export deliveries of energy carriers will also increase. The ruble will be supported by a significant amount of international reserves, even though some of them have been frozen in other countries. Efficient allocation of funds from the NWF will support investment activities in Russia. Yulia Fenogenova also noted the positive impact on the Russian ruble of the decision of the authorities, obliging companies to sell 80% of their revenue in foreign currency. In the next two months, the ruble will be supported by the tax period. Companies will transfer income tax to the budget. For this they need rubles.

Source: xCritical.com