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    The Central Bank estimated the decline in the real effective exchange rate of the ruble

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    The real effective exchange rate of the ruble (calculated against the currencies of major trading partners, adjusted for inflation) fell by 6.8 percent in April. It is reported by TASS with reference to the data of the Central Bank of Russia.

    In total, since the beginning of the year, the real effective exchange rate of the Russian currency has decreased by 20.4 percent. In April, compared to March, the indicator fell by 5.9 percent against the dollar, and by 19.2 percent since the beginning of the year. The exchange rate of the ruble against the euro fell by 8.3 and 21.7 percent, respectively.In mid-April, the regulator presented a preliminary estimate and concluded that in the first quarter the real effective exchange rate of the ruble depreciated by 14.7 percent, including a decline of 3.4 percent in March. According to the forecasts of the Ministry of Economic Development, in 2023 the average annual dollar exchange rate will rise to 76.5 rubles. “Taking into account the decrease in the trade balance, we estimate the ruble exchange rate on average for 2023 at the level of 76.5 rubles per dollar,” said the head of the department, Maxim Reshetnikov. As Deputy Finance Minister Vladimir Kolychev noted, now the Russian currency is weaker than the fair level, but such deviations are normal with a floating exchange rate.

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