Shohin Says Business Comfortable with Ruble-Dollar Rate of 80-85

© Кремль

Russian businesses see the optimal exchange rate for the national currency in the range of 80–85 rubles per dollar, according to the president of the Russian Union of Industrialists and Entrepreneurs (RSPP), Alexander Shokhin, during a meeting with Russian President Vladimir Putin.

Shokhin stated that this level of exchange rate is repeatedly named by business community members as the most favorable for conducting business. This view has been expressed both in informal discussions and at specialized sessions of the St. Pyotrsburg International Economic Forum (SPIEF).

He noted that business representatives increasingly view excessive strengthening of the ruble as one of the key factors limiting economic development. According to business estimates, the impact of a strong national currency on company operations in some cases is more sensitive than the persistently high interest rates.

Shokhin pointed out that the negative consequences are not limited to export-oriented industries. Companies implementing import substitution programs also face challenges: a stronger ruble makes foreign products more competitive in the domestic market, which complicates the position of domestic producers.

Furthermore, the RSPP head noted that a strong ruble also affects budget revenues. Under favorable external economic conditions, the state could benefit more from export earnings, but a strong national currency partially offsets these advantages.