Reshetnikov: Russia needs to return to the "equilibrium exchange rate" of the ruble

“We are now somewhere near a local minimum (the dollar exchange rate. -

), the current rate, it is a problem in the long term,” the minister said.

According to him, the really effective exchange rate of the ruble is 40% stronger than the average over the past five years.

“This means a serious challenge for the domestic manufacturer, which, as import channels are restored, will increasingly feel the pressure of imports, compete with them and lose this competition,” Reshetnikov added.

At the same time, a number of positions in agriculture, for example, meat producers, say that “with such a course they become uncompetitive in foreign markets,” RIA Novosti writes with reference to the head of the department.

“Now we are saying that we need import substitution, but if we say that such a course will be in the long term, then business will not launch any import substitution projects, they will be uncompetitive... Therefore, we need to carefully return to the equilibrium rate that we had before,” Reshetnikov stressed.

He noted the importance of the phased lifting of restrictions, including the reduction of the mandatory sale of foreign exchange earnings.

“This is an important decision, we expect this to continue,” the head of the Ministry of Economic Development summed up.

On May 26, the Central Bank of Russia lowered the key rate to 11% from 14% per annum.

Candidate of Economic Sciences Alexander Danilov, in an interview with the FBA "Economy Today" commented on the measures of the Central Bank to support the financial system.