Page 60 - bne IntelliNews monthly country report Russia February 2024

7.1 FX issues
The share of settlements in rubles and friendly currencies in 2023 increased to 65%, Russia’s First Deputy Prime Minister Andrey Belousov said on Thursday. "In 2023, the total share of the ruble and the national currencies of friendly countries will be 65% in payments for the export and import of goods and services. For comparison, in 2021 it was only 22%," he said. According to Belousov, the volume of Russian exports to the markets of friendly countries in 2023 increased by 60% compared to 2021 and reached $360bn.
The exchange rate is not being affected by the CBR rate hikes but depends on the trade balance, the current account and the price of oil which are the main contributor to those things. According to Bloomberg chief economists Alexander Isakov estimates a fair ruble-to-dollar rate will be in the range of RUB85–90 with a key rate of 15–16% and Urals oil at $70 per barrel.
60 RUSSIA Country Report February 2024 www.intellinews.com