62 rubles per dollar is optimal for import substitution, said Manturov

© Fotolia / KkolosovДеньги. Archival photo62 rubles per dollar is optimal for import substitution, said Manturov© Fotolia / Kkolosov

The rate of national currency of the Russian Federation at 62 rubles per dollar is optimal for import substitution, said the head of Minpromtorg Denis Manturov in an interview with Bloomberg.

The head of the Ministry of industry and trade noted that, on the other hand, the strengthening of the ruble to 53-55 per dollar can lead to «stagnation» of the projects. The official dollar rate in Russia on June 9 — 56.99 rubles per dollar.

«As industry Minister, I support the weakening of the ruble, but, unfortunately, can not affect its quotes. We maintain a constant dialogue with the Central Bank, and he can hear us,» said Manturov.

Earlier Friday, the head of the Central Bank Elvira Nabiullina said that the Bank of Russia firmly believes in the benefits of floating exchange rate, which balances the interests of exporters and importers, and attempts to influence the course to make it in spite of market factors move in one direction or the other, «it is absolutely unprofitable for the Russian economy.»

Minister of trade and industry also said he was pleased the sanctions imposed on Russia because of the situation in Ukraine in 2014. «Thanks to them (sanctions — ed.) we have motivation to develop their own industry,» he said. Relations between Russia and the West deteriorated in connection with the situation in Crimea and Ukraine. Western countries have imposed a series of sanctions against Russia, Moscow has retaliated.

In addition, Manturov noted that he is glad that «inflation in Russia fell to a record low, opening up the prospect of reduction of the key rate». Earlier in June, the Minister of economic development of the Russian Federation Maxim Oreshkin told journalists that inflation in Russia in annual terms in may will amount to 3,9-4%. The target of the Central Bank on inflation for the current year is 4%, the baseline forecast, the MAYOR is 3.8%.

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