High volatility of the currency has led to big problems in the Russian Economy, not exchange rate values, Economic Development Minister Alexey Ulyukayev said Tuesday in an interview with Rossiya 24 TV channel.
“It’s not so much the high or low value of the currency or that the dollar is worth 30 or 70 rubles, it’s the high volatility of the currency that is the problem,” Ulyukayev said.
Ulyukayev added that Russian companies “are not always able to adapt” to such high volatility, because “dependence on imported raw materials, on imported components is high.” “Many banks value access to the global capital markets, debt refinancing for borrowers is hindered. All this led to big problems,” the Minister said.
“The good news is that the Russian economy, the Russian business showed ability to adapt,” Ulyukayev concluded.