Deputy Mikhail Delyagin explained the weakening of the Russian ruble at the end of autumn.
The deputy chairman of the State Duma Committee on Economic Policy linked what is happening with the national currency with decisions made by the Bank of Russia.
In a conversation with Lenta.ru , Delyagin said that the increase in the key rate had an impact on the ruble exchange rate.
The politician pointed out that in a situation where there is an artificially created money shortage and a high key rate, prices rise and the ruble devaluates.
The parliamentarian emphasized that Russia had gone through this several times in 2014. A similar situation occurred in the second half of 2023.
The high key rate is holding back economic development, Delyagin stated.
In the current situation, investment projects are losing their economic benefits and businesses are abandoning them.
The money that companies accumulate is not invested in projects, but in currency. Businesses buy up foreign currency, which is why the ruble weakens.
Not long ago, the value of the dollar in Russia once again crossed the 100 ruble per $1 mark.
On November 27, the Central Bank raised the exchange rate again. The dollar will cost 105.06 rubles tomorrow, and the euro – 110.49 rubles.
For reference
The Central Bank of the Russian Federation is a special public-legal institution of Russia, the main bank.
