Kostin called the current strengthening of the ruble harmful and called for "taxiing"

The strengthening of the ruble is harmful now, Andrey Kostin, Chairman of the VTB Management Board, told Izvestia in an interview at SPIEF 2025. According to him, "we need to taxi away."

Summer condition: the ruble was predicted to strengthen to 75 per dollar by the end of June

How will the national currency react to the oil prices that have jumped due to the escalation in the Middle East

"The optimal exchange rate now is 90-100 rubles per dollar. I think that we are now selling the currency in vain and artificially maintaining a strong national currency," Andrey Kostin said.

According to him, oil prices have increased due to the Middle East conflict, which additionally supports the ruble. However, most analysts agree that by the end of the year, the exchange rate may return to around 90 rubles/$.

Andrey Kostin believes that a level of about 100 rubles would be more comfortable to balance the budget. He added that the recent threefold adjustment of the budget deficit is serious.

Read more in an exclusive interview with Izvestia:

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