Ruble to get stronger in early 2020

Credit: Alexey sukhorukov | RIAN

The Russian Ministry of Economic Development issued a forecast for the Russian ruble in early 2020. According to the ministry, the ruble will continue to get stronger.

The ruble to US dollar exchange rate grew by 12.5% over the previous year. It is one of the best results in the world; the only other currency that grew faster is Ukrainian hryvnia. And the ruble continues to grow in 2020. If current loan interest rates linger, the ruble will be on the climb for quite a while, ministry experts say. This will go in parallel with the inflation rate going below 3%, RBC reports.

Independent economists are also optimistic about the ruble. They believe that the Russian currency will most likely keep growing in 2020. They link this growth to the low base effect: previously, the ruble came crashing down due to sanctions and hit a historic low. Now it is getting back on track. Another factor strengthening the ruble is the arrival of new non-resident investors.

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