Many Russian companies benefit from the depreciation of the ruble against the dollar, said the head of the Ministry of Industry and Trade Denis Manturov in an interview with Bloomberg.
According to the minister, the fall of the ruble since the beginning of the year by 20% against the US currency prompts Russian companies to rely less on imports and becomes a favorable condition for enterprises that do not depend on foreign products.
At the same time, commenting on the impact of the coronavirus pandemic on the Russian economy, Manturov noted that the recovery in many industries was very fast.
According to Bloomberg, the Russian national currency has weakened since the beginning of the year due to the threat of Western sanctions, the collapse of the oil market and due to the coronavirus. However, after the recession, in the second quarter, the economy shows stable growth.
On October 12, the Central Bank assessed the impact of the weakening ruble on inflation in Russia. According to experts, in annual terms, inflation can increase until 2021 due to the base effect and will reach 3.7-4.2% in 2020, 3.5-4.0% in the next.