The head of the Ministry of Industry and Trade Denis Manturov said in an interview with Bloomberg that the depreciation of the ruble is “cool.”
The minister explained that the depreciation of the national currency will induce domestic producers to rely less on imports.
The weakening of the ruble by almost 20% against the dollar since the beginning of the year will be favorable for Russian companies that do not depend on foreign products, Manturov added.
The weakening of the national currency was due to falling oil prices and the threat of sanctions from the West, according to Bloomberg. The situation with the coronavirus also played a role. However, after a slump in the second quarter, the Russian economy recovered over the summer.
Manturov said the government is not discussing plans to extend business support measures.
“We hope that the peak is behind us. The recovery was very fast in many industries,” the head of the Ministry of Industry and Trade emphasized.
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