Bloomberg called the ruble a hindrance to economic growth Russia – RBC

Photo: Nikita Popov / RBC

The course ruble increases following the increase in oil prices, however, the country’s GDP is shrinking. Strong ruble impairs the financial performance of Russian companies, according to Bloomberg

boosted world oil prices the ruble prevents the Russian economy out of recession, Bloomberg reported. Agency experts believe that the decision taken in 2014, the decision to let the ruble float freely helped to cope with the consequences of the collapse in oil prices, but the growth of quotations under the free formation rate has been an obstacle to economic growth.

«A system that provided to adapt the economy to lower oil prices, while not generating growth “, – said Karen Vartapetov, an analyst at S & amp; p Global Ratings in Moscow

in the second half of January 2016, world oil prices, Brent crude fell nearly. up to $ 27 per barrel, then the exchange rate has fallen sharply – to the dollar then gave more than 83 rubles. However, after that the price of oil started rising and the ruble went up sharply. By the beginning of July 2016 the price of a barrel of Brent jumped nearly doubled, topping the mark of $ 50. The ruble against the dollar in the same period increased by about a third – to $ 0.0116 it rose to $ 0,0157

However, the GDP of the country against the background of strengthening the ruble only fell. During the first quarter of 2016, he, on IEG evaluation, declined in annual terms by 1.2% in April, a decrease of 0.7%, in May – 0,8%

According to Vnesheconombank, which. lead agency, in May 2016 the decline of Russia’s GDP excluding seasonal and calendar factors accelerated to 0.4% from 0.1% in April and 0.2% in March. This negative trend showed almost all major manufacturing value added components: manufacturing (-1.1%), retail trade (-0.9%), construction (-3.5%), mining (-0.1 %), transport (-0.1%) and paid services (-0,2%).

«The data for May proved to be much worse than most expectations. Although the majority made in recent optimistic statements and raise the price of oil, the statistics show that the change in the economic dynamics is not yet happening. Apparently, the situation has deteriorated with the investments in the past two months. Strengthening of the ruble in the spring months begin to deteriorate financial performance of companies and lending companies continue to decline “, -. wrote in his report, the chief economist of Vnesheconombank Andrei Klepach, who previously held the post of deputy head of the Ministry of Economic Development

He also noted that the strengthening of the ruble reduces the incomes from the sale of previously accumulated currency.

in the course of trading on Wednesday on the Moscow stock exchange exchange rate decreases. At the maximum value of the dollar hit 64.7375 rub., The euro rose to 71.7 rubles.