The Central Bank of Russia explained the reasons for the recent weakening of the ruble.
According to the director of the Central Bank’s financial stability department, Elizaveta Danilova, the main reason lies in changes in foreign trade.
The decline in exports and the growth of imports led to a decrease in the current account surplus and a weakening of the ruble, writes Interfax .
Danilova emphasized that in an open economy the ruble exchange rate is highly dependent on foreign trade.
Due to sanctions and currency controls, capital transactions have become less important.
The rise in inflation was influenced by the weakening of the ruble, low unemployment and rapid growth in wages.
The Central Bank emphasizes that the impact of the ruble exchange rate on inflation has become less noticeable due to inflation targeting.
However, the weakening of the currency still affects the economic situation in the country.
