Russian Economic Development Minister Maxim Reshetnikov said that companies in Russia may decide to cut production if the current situation with the Russian currency continues for a few more months.
The Russian minister said: “The profitability of many industries, including export-oriented ones, has been negatively affected by the current exchange rate of the ruble, and if this situation continues for several more months, I think that many companies can rise.” with the idea of not only reducing operating investment, but also the need to adjust current production plans.”
The Russian minister’s statement came in a speech during his participation in a conference of the Russian Federation of Industrialists and Entrepreneurs today, Wednesday, with the participation of other Russian officials such as the Russian finance minister and the president of the Russian Central Bank.
For his part, Russian Finance Minister Anton Siluanov confirmed that the Ministry of Finance and the Ministry of Economic Development are ready to lose part of the budget funds for 2022 in order to achieve a stable ruble exchange rate.
According to the Russian minister, the government is ready to intervene in the local currency market and allocate part of the budget for 2022 in order to achieve stability in the Russian currency.
Recently, the Russian currency has been growing against the US and European currencies, and during today’s trading session, the dollar traded below 51 rubles for the first time since May 2015.
Source: RIA Novosti