into the Russian economy were very large. This mexico telegram data was reflected in the exchange rate. On the one hand, the prices of our export goods rose sharply. On the other hand, due to sanctions, imports decreased. As a result, the ruble strengthened sharply. And here the floating exchange rate played the very role that it should play in a market economy.
In 2022, the biggest bottleneck was import
availability. The strengthening of the exchange rate helped offset increased logistics costs and higher prices from foreign suppliers. This reduced the impact on the economy. The decline in economic activity was much smaller and much shorter than everyone feared. And inflation, on the contrary, did not increase as much.
– But our joy didn’t last long. In 2023, everything turned around…
— Yes, last year the situation was the opposite. Exports fell by about a third. Due to the decline in world prices and the reduction in volumes for a number of items. And imports not only recovered, but even became record-breaking. Firstly, because importers managed to establish supplies. Secondly, because imports are part of consumer demand that we cannot satisfy through domestic production. And we buy these goods from additional inbound17 session takeaways the rest of the world — essentially, in exchange for our exports. As a result, fewer dollars and other currencies began to flow in, and more rubles, which they want to use to buy imports and pay for them in foreign currency. And the exchange rate of our currency weakened. The increase in the key ao lists rate restrains excess domestic demand, including demand for imports. And therefore, it helps to stabilize the exchange rate. Since November, exchange rates have been changing in relatively small ranges.
