The Russian ruble is expected to get stronger against the US dollar and euro this summer. The national currency will be mainly stimulated by Russian tourists who will not be able to travel abroad and spend their money there because of the current lockdown restrictions, Bloomberg reports.
Bloomberg Economics estimates that every year Russians spend $20 bln more on vacation abroad than the country makes from inbound tourism.
This year, foreign travel spending is expected to drop by half, according to the Renaissance Capital investment banking company. This may push the ruble up by another 4%.
The domestic travel industry is likely to grow this summer as experts predict a 30% drop in Russians’ foreign travel.
Russians will be able to spend their vacation money at Russian resorts. Beaches will start to open all over the country in about a month.