A Kremlin economic adviser says the weakening of the rouble has peaked (yes, really)

Russian media, Interfax, with the headline, conveyed by Reuters.

The working is a bit haywire but I think the adviser means that the ruble’s weakening has passed its worst.

A glance at the chart of USD/RUB shows that probably happened in March of 2022. But maybe the adviser is talking about the more recent weakening.

Its unclear.

ADDED, OK a little more now:

  • “The market has passed its peak,” Oreshkin said. “In the coming months, the market will receive higher
    volumes of foreign exchange earnings from increased prices for
    export goods. Which, taking into the account the declining
    volumes of imports of goods and services, as well as the effects
    of raising the key rate and tightening macroprudential policy,
    will create a surplus of currency in the market.”

Regardless, an adviser to the Kremlin is probably clueless when it comes to market dynamics driving FX. And, the Kremlin is basically a source of propaganda lies misplaced comments right now.

This article was written by Eamonn Sheridan at www.forexlive.com. Source