On July 1, Aleksey Vedev, Head of Financial Studies Department of the Gaidar Institute, took part in a scientific conference timed to coincide with the Ruble Day.

The conference, timed to coincide with the Day of the Russian Ruble, is being held in Moscow for the 4th time, organized by the ММВА and the Financial Community. The topic remains relevant, and as part of the panel discussion of the conference, leading industry experts considered the issues of strengthening the investment attractiveness of the Russian national currency, new opportunities for the ruble as a regional and interregional currency, the pros and cons of introducing a digital ruble.

Aleksey Vedev highlighted that this year the Ruble Day is celebrated in a rather strange macroeconomic environment.

He noted: “With the rising oil price, we observe the ruble devalue. There is an inexplicable game of weak ruble taking place. As known, a weak ruble is beneficial only for the Ministry of Finance and for exporters. The current ruble exchange rate corresponds to the oil price at $ 43 per barrel.”

Besides, the expert reminded that ruble is one of the world top three most volatile currencies along with the Mexican peso and the Turkish lira.

“There is no ruble exchange rate for the Central Bank, however, this is a dangerous position. A huge number of countries are implementing the policy of modified targeting and their results are more convincing than the policy outcomes of our Bank of Russia,” the expert believes.