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Russia to See Export Growth Due to Exchange Rate Depreciation in 3-5 Years

© AFP 2023 / ALEXANDER NEMENOVA Russian ruble coin is pictured in front of St. Basil cathedral in central Moscow
A Russian ruble coin is pictured in front of St. Basil cathedral in central Moscow - Sputnik International
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According to the IMF Wednesday report, the Russian economy is yet to experience export volumes growth stemming from depreciation of ruble’s exchange rate.

International Monetary Fund - Sputnik International
Sectors of Russian Economy Show ‘Signs of Positive Improvements’
WASHINGTON (Sputnik) — The Russian economy is yet to experience growth of export volumes stemming from depreciation of ruble’s exchange rate, the International Monetary Fund (IMF) said in a report on Wednesday.

"These effects [a rise in real net exports] fully materialize over 3-5 years, though most of the adjustment occurs in the first year," the report stated.

The Russian economy suffered a setback in 2014, as the ruble lost about half of its value against the dollar amid low global oil prices and Western economic sanctions imposed against Russia over the Ukrainian crisis.

As the result, Russian ruble’s exchange rate has dropped by more than 20 percent since January 2014, according to the IMF.

"However, despite the ruble’s significant adjustment towards a new lower equilibrium, there has been little response of non-energy exports," the report said.

The IMF Mission Chief Ernesto Ramirez Rigo said some sectors of Russian economy, including the agro industry, plastics and some pharmaceutical companies, have already started to see positive improvements due to the currency depreciation.

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