- Russian Economy Minister Reshetnikov: Rouble at current levels will prompt companies to cut their output
Market news
29 June 2022
Russian Economy Minister Reshetnikov: Rouble at current levels will prompt companies to cut their output
Making some comments on the exchange rate value on Wednesday, Russian Economy Minister Maxim Reshetnikov said that “if the rouble remains as it is now for months, companies will need to cut their output.”
Additional comments
We will have deflation in June.
Demand in economy remains low.
People tend to save, not spend money now.
Rouble rate is key issue for our economic policy.
We have excessive supply of foreign currency on the market.
We see signs of deflation spiral.
Market reaction
In an immediate reaction to these comments, USD/RUB plunged to the lowest level since April 2015 at 50.10. The pair is down 2.31% so far.
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