A third of industrial managers in Russia consider the weakness of the ruble to be a problem for companies. The dependence on imported equipment continues and, due to the weakness of the Russian currency, its cost is only increasing. More than 80% of industrial companies need to strengthen the ruble to reduce costs.
35% of managers of Russian industrial companies consider the weakness of the ruble to be a problem for their businesses. RBC writes about this with reference to a report by the Gaidar Institute. The proportion of these managers has grown to a maximum in the last 8 years: in 2016 they represented 36% of the total.
Businesses in the industry need a strengthening of the ruble: this was stated by 82% of respondents, according to the report. Reliance on imported equipment and components persists, but purchasing them has become more expensive due to the high exchange rate of the US dollar and euro.
At the same time, purchases of imported goods continue to grow, because consumers buy imported products that are disappearing from the Russian market for future use, the institute noted.
Previously, a presidential decree was signed on the mandatory sale of foreign currency earnings by exporters. The measure is aimed at stabilizing the ruble exchange rate. A few days after the signing of the decree, the Russian currency strengthened from 101 rubles per US dollar to 96 rubles.
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
