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The ruble didn’t reduce, but will slow down Macedonian export

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The fall of the Russian ruble will not reduce, but will slow down the export of Macedonian companies in Russia, which, this year, according to the Ministry of Economy, registered an export increase of 35 percent.

– The fall of the ruble will affect the export of Macedonian products in the Russian Federation, i.e. there will be a slowdown in the growth of export due to the reduced value of the ruble. As for the losses, we don’t expect such a phenomenon, because, still, the agreements are made in hard currency, i.e. in dollars and euros, which protects Macedonian companies – says Dejan Beshliev from the Macedonian-Russian Chamber of Commerce.

Beshliev says that EU sanctions imposed on Russia further opened the Russian market for Macedonian companies.

According to data of the Ministry of Economy, export to the Russian Federation until October 2014 is 33.695 million US dollars and represents 0.8 percent of the total export of the Republic of Macedonia. Compared to the same period of 2013, export to the Russian Federation, especially of food, has increased by 35 percent.

Russian ruble on Tuesday hit bottom, when it lost 20 percent of its value against the euro and the dollar, in less than 24 hours after the Moscow Central Bank on Monday provided about two billion dollars in the form of investment in order to stabilize the ruble. The last two days, the Russian currency has seen a slight recovery, so one dollar is worth 58.40 rubles, while one euro is now worth 72 rubles. Stabilization comes in the wake of the annual conference of the press with Russian President Vladimir Putin, who didn’t state his opinion on the monetary crisis in Russia until now.

The Russian economy is in recession due to sanctions from the West, as well as the low price of oil because revenue from the sale of this fuel represents a large portion of the state budget. Since the beginning of the year, the ruble has weakened for more than 45 percent against the dollar.

Today, Russian Minister of Economy Alexei Uljukajev stated for Moscow daily “Vodomosti” that West’s sanctions imposed on Russia for its role in the crisis in Ukraine, probably “will last for a while, maybe even decades.” He said that sanctions next year could be even stricter, and the situation of the oil market even more difficult.

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