logo logo

The next-generation financial news, and trading signals for you to start driving your FOMO today!


FREE trading signals

Get free daily crypto signals to make profitable trades every day!

View fresh signals


Peter Davis

An writer at FOMOdrive

  • Nov 06, 2023
  • 2 min read

Reuters experts gave a forecast for the ruble exchange rate for 2024

A Reuters survey has indicated that the ruble has finished its strengthening.

By 2024, the Russian currency is expected to experience a steady decrease.

It is anticipated that inflation will reach 7.1% by the end of the year.

It is anticipated that the economy will experience a growth rate of 2.5% in 2023 and 1.5% in 2024.

In October, the ruble experienced a significant strengthening after President Putin issued a decree mandating major companies to sell a portion of their export profits.

The Bank of Russia's decision to raise the key rate to 15% had a positive effect on the Russian currency, leading to the dollar exchange rate dropping to 91.62 rubles at the end of October, its lowest point in three months.

A Reuters poll has indicated that the Russian ruble's strength has largely reached its peak and is expected to remain in a sustained decline above 100 to the dollar until 2024, with interest rates remaining in double digits for an extended period.

Twelve analysts and economists surveyed in early November predicted that the ruble would appreciate to 103 to the dollar in a year, compared to the 95 rate from the previous survey.

Prior to the presidential elections in March 2024, the authorities are likely to attempt to bolster the ruble's strength and economic stability.

The latest survey has revealed that the Central Bank's key rate and inflation will be higher than previously anticipated, and the ruble will be weaker.

It is anticipated by experts that the key rate of the Bank of Russia will stay at 15% annually this year, and then decrease to 12% in the following year. In a prior survey, it was forecasted that the Central Bank rate would go down to 10% in 2024.

Experts surveyed anticipate that the price growth rate will be higher than 7% by the end of this year. The inflation forecast for the following year is estimated to be 5.2%, and it is predicted that the Central Bank's target of 4% will not be achieved until 2025.

Analysts have increased their forecast for Russian economic growth in 2021 from 2.3% to 2.5%. It is predicted that GDP growth will be 1.5% in 2024 and 1.3% in 2025.

Share this article