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Russian minister rejoiced at the collapse of the ruble

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The head of the Ministry of Industry and Trade Denis Manturov was glad that the ruble fell by almost 20 percent against the dollar in 2020. According to him, the weakening of the national currency encourages local companies to rely less on imports, which is “cool”. He stated this in an interview with Bloomberg.
Manturov noted that thanks to the fall in the national currency rate, Russian companies not dependent on imports “are now in a favorable position.”
The ruble has become one of the worst emerging market currencies in 2020, the agency writes. A sharp drop in oil prices against the backdrop of the coronavirus and the threat of new Western sanctions played against the national currency.
The head of the Ministry of Economic Development Maxim Reshetnikov on October 15, speaking in the State Duma, said that the ruble exchange rate was “over-weakened.” He called the reason not economic, but psychological factors, also noting among them the threat of new sanctions. Another reason, the minister pointed to the increase in the incidence of coronavirus in Russia.

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