Entrepreneurs complain about the fall in the ruble exchange rate. The weakening of the Russian currency has become a problem for the largest number of industrial enterprises in eight years. 35% of company executives said that devaluation has a negative impact on business, RBC writes, citing a report by the Gaidar Institute for Economic Policy. Which industries were most affected by the ruble exchange rate? And what other problems are manufacturers currently facing? Alexander Mezentsev understood.
82% of industrial enterprises need currency strengthening to reduce costs of imported raw materials, the study reports Gaidar Institute.
The problem is that in Russia they started supporting component manufacturers too late, says Elena Dybova, vice-president of the Chamber of Commerce and Industry:
“Unfortunately, we missed this serious moment when it was necessary to develop, first of all, small and medium-sized manufacturing businesses that would provide a variety of all the necessary components. Many of them are not on the market today and cannot yet be found.
It all depends on how consistently the government will support Russian production. Due to the fact that such an urgent need arose, they finally began to look for suppliers within the country.”
But dependence on imported products has not yet decreased. 65% of industrial enterprises need foreign equipment, a June survey by the Higher School of Economics, which was conducted among managers, showed. The price of components from friendly countries has also increased greatly due to devaluation, says Maxim Tretyakov, general director of the Elkat plant:
“We import components, electronics, spare parts, liquids. Even when we buy in China, everything is tied to the ruble exchange rate and has become more expensive. Naturally, margins fall.»
The ruble exchange rate was in fourth place among pressing problems for business, according to a survey by the Gaidar Institute. The first three lines were occupied by the shortage of personnel, the uncertainty of the current economic situation, and the solvency of citizens. Now, global inflation in raw materials has also begun to be felt, which in 2022 was offset by a strong ruble, says Vitaly Muravyov, president of the Pobeda confectionery factory:
“All of 2022, we were in good conditions after the strengthening ruble It smoothed out high inflation in all raw materials, in all materials. If we take our segment, three years in a row there were poor harvests, and cocoa rose in price by 50% in foreign currency. At the same time, the ruble fell. It turns out that prices should increase by 50-60%. All hope lies in exports, but it is impossible to increase them at the rate at which purchasing power is falling.”
However, some industries are not affected by the currency situation. For example, for alcohol producers, the reduction in the availability of loans is a much more serious problem, says Pavel Pobedkin, owner of the Kaluga distillery Kristall:
“If we speak for our industry, for production alcohol, then it is maximally insured against currency volatility. We feel very little influence from the ruble exchange rate. The main problem for us is the increase in the refinancing rate. The higher it is, the more expensive all banking instruments and the cost of the final product become for us. And the second problem is that our industry is excise, so we are deprived of all government support.”
According to the Gaidar Institute, the share of those dissatisfied with the weakening of the national currency has become the highest since 2016. Then 36% of respondents gave a similar answer, at that time the dollar exchange rate exceeded 75 rubles.
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