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  Tuesday, November 19, 2019
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By the end of the year the US dollar may plunge to just above 28 roubles
By the end of the year the US dollar may plunge to just above 28 roubles, believes Alexander Shokhin, chairman of the Coordination Council of Russian business unions. This will happen if the main factors that now influence the rate will sustain, he said. "There will not be a great catastrophe for the Russian economy, but, of course, it is very different from what was planned for the year-end," he pointed out. As to the euro/dollar rate, the "current all-time high is not the last one," the expert believes. "There are reasons to believe that the euro will continue strengthening," he said. However, Shokhin does not agree with experts who say that by the end of the year the dollar may fall to $1.4 per ˆ1. he recalled that the US fiscal authorities were talking of a policy to strengthen their currency. On the contrary, the European fiscal authorities believe that the euro strengthening is stalling economic growth in Europe. Yet so far these statements are "a mere declaration," Shokhin said. He believes that "a lot will depend not only in the statements of the US and European fiscal authorities, but also on their action, and they are unlikely to do something about it before the end of the year, so the euro is likely to break another couple of records." This year's inflation rate will remain on the same level, he said. "It is already obvious that the fiscal authorities will not achieve the planned inflation parameters," he announced at a press conference on Friday. It would be ideal for the Central Bank and the government if the inflation rate remains below 11% at least by "one hundredth", the expert said. "It would be very important psychologically if inflation was around 10.9%," he explained. "Yet most probably, it will be equal to last year's rate," he believes. Last year inflation in Russia was 12%.
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