Western sanctions in response to Russia’s military aggression against Ukraine are the reason for the fall in the ruble exchange rate. By March 2015, one dollar will cost 200 rubles.
This was the view of the managing director of Finam Management investment company, Nikolai Solabuto, in an interview on TV Rain in Moscow.
He stated that the reason for the ruble’s loss in value is the fall in the price of oil, because of which the Russian economy was falling into stagnation. Solabuto expressed hope that the country’s exchange rate would stabilize.
Asked to offer a forecast on the Russian economy, the expert said “we will experience the worst before New Year. After New Year, the economy will begin to recover. But in the worst case, really the worst, we assume that the dollar will stabilize somewhere around 200 rubles.”
The interviewer could not believe what he had heard and asked the financial expert to repeat what he had said. Solabuto said that leading up to December 2014, the dollar would climb to 50 rubles, but in the first quarter of 2015 the price of the American currency would rise to 200 rubles. Solabuto noted that the rise in the dollar would stop at that value.
The interviewer was shocked by the forecast.
“Listen, you said that the worst would happen before New Year. But now you say that after New Year (the exchange rate) will climb to 200 rubles. Isn’t this the worst?” the anchor asked.
The financial expert said that by that time, the Russian central bank would be able to adequately assess the situation.
“We will be able to understand when all this business is over. Then, the regulator’s normal planning work will commence. Now, everyone is standing and looking at what level all this business will collapse,” said the managing director.