Denis Manturov: “Аccording to our estimates, the chemical industry and the timber industry will feel the best, the mechanical engineering will feel a little worse”

In an interview with the Agency TASS Minister of industry and trade of the Russian Federation Denis Manturov on the question of whether to strengthen the ruble, said:

“The government does not expect the strengthening of the ruble. Colleagues from the financial and economic bloc, on the contrary, talk about a gradual weakening both in 2019 and in the long term. We have repeatedly said that for the Russian industry the most comfortable is a stable exchange rate in the range of 62-68 rubles per dollar. And if we consider that the main priority for the next six years is exports, we have a weak ruble only on hand. So, taking into account the sanctions and trade wars, it is expected that Russian non-oil exports will grow in all key industries in 2019 and later. According to our estimates, the chemical industry and the timber industry will feel the best, and mechanical engineering will feel a little worse. The cheap ruble has a minus — it’s expensive loans. For several years this problem has been solved with the help of the industrial development Fund”.