The ruble became the best currency in the world in 2022, Bloomberg reports. According to the agency, the ruble has grown by 11% against the dollar since the beginning of the year and has become the leader in growth among the 31 main currencies.
The ruble has become the best world currency for the dynamics of strengthening against the dollar, the head of the analytical department of AMarkets Artem Deev emphasizes. And it is clear why this happened – as a result of the prohibitive measures taken by the Bank of Russia (a ban on the sale of currency in cash to citizens, a commission when buying currency on the exchange, a requirement for exporters to sell 80% of revenue).
In addition, the ruble has significantly strengthened and is breaking regular records (today the dollar is already worth 65 rubles) due to a sharp reduction in imports. That is, in the Russian Federation there is simply no demand for foreign currency, as before, because for dollars and euros we buy now significantly less goods, components, materials and raw materials, the expert explains.
“The Central Bank of the Russian Federation estimates a decrease in imports in April by almost 40% – this is a lot. And this is the main reason for the strengthening of the ruble,” the analyst states.
In his opinion, how long our national currency will hold much this title is a rhetorical question. Too strong ruble is not beneficial to the state and exporting companies, as it reduces the revenue of the latter and reduces budget revenues.
“Most likely, the situation will change over time, and the dollar will return to levels above 70 rubles. This is necessary, since the budget of our country for this year is drawn up based on the exchange rate of the dollar at the level of 72 rubles,” Artem Deev says.