Russia's Sberbank says rouble needs to weaken to 90 per US dollar for commodity exporters to 'breathe'
A strong Russian rouble is putting pressure on commodity exporters, offsetting gains from higher oil prices, and needs to weaken to around 90 US dollars to alleviate financial strain.
MOSCOW, June 3 - A strong rouble is squeezing Russian commodity exporters, offsetting any boost to profits from higher oil prices and needs to weaken to around 90 per U.S. dollar to give companies some breathing space, a top Sberbank executive told Reuters.
"...We also need to talk about the strong rouble, which puts significant pressure on exporters," First Deputy CEO of Russia's largest bank Sberbank, Alexander Vedyakhin, said ahead of Russia's biggest economic conference in St. Petersburg.
"This affects exporters and, consequently, the budget, so the gains in dollars that companies receive from rising oil prices are largely offset by the strengthening of the rouble."
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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