OREANDA-NEWS  The excessively high exchange rate of the Russian currency is becoming an increasing problem for the export-oriented national economy and federal budget revenues, so it should be lowered to the economically reasonable 90-95 rubles per dollar. Nikolai Kuznetsov, Professor of the Department of Finance and Credit at the Institute of Economics and Finance of the State University of Economics and Finance, told RIA Novosti about this in a comment.

He recalled that China has been artificially weakening the yuan for many years, and US President Donald Trump dreams of a "moderately weak dollar." Meanwhile, even with inflation, the ruble should be significantly weaker against both currencies.

The economist cited continued currency restrictions, economic and trade sanctions, as well as the Central Bank's high key rate as the main reason for the inability to weaken the ruble.

In such conditions, the population and businesses prefer ruble-denominated instruments, and the demand for foreign currency is at a minimum. As a result, the latter settles inside the country, without participating in the economy. Officials and experts are unequivocal in their assessment of the negative effect of a strong ruble, but so far they cannot change the situation.

The Bank of Russia's decision in early December to ease currency controls has not affected the situation so far. However, the expert does not rule out that the market will need some time to "swing", after which the demand for the currency will still grow, and the ruble will begin to weaken.

However, Kuznetsov adds, geopolitics adds unpredictability to the processes. In addition, he called the theory that "everything was planned — they specifically allowed someone to buy the currency cheaper, and now they are giving the opportunity to freely withdraw it from the country."

Earlier, the Ministry of Finance announced that it expects oil and gas revenues of the federal budget to fall by the end of December to a level that is 137.6 billion rubles lower than the base.