
Mikhail Ershov, Principal Director on Financial Studies, Head of the Financial Analysis Department at the Institute for Energy and Finance, commented to the Expert magazine on currency issues.
The national banks' measures on currency regulation can be very contradictory, and winning in one, they can lead to losing in the other, Mikhail Ershov explained:
"Many national banks, for example, in Japan, seek to strengthen their currencies, contrary to the axiomatic truth that in export-oriented economies this harms the fullness of their budgets. But the constant weakening of national currencies, including the ruble, although it stimulates commodity exports, hinders the modernization of the economy. Of course, we need to use levers to protect the domestic market and stimulate exports. But who said that they only come down to the exchange rate? After all, its impact is often multidirectional, and devaluation only stimulates commodity exports, increasing the dependence of the national economy on global conditions. We are forming a ruble-denominated economy, and the more expensive ruble assets are for the population and businesses, the richer both will be."

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