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Russian Minister Celebrates Ruble’s 20% Slump as ‘Awesome’

  • Weak currency gives firms incentive to rely less on imports
  • Government not planning more stimulus, Manturov says
Denis Manturov
Denis Manturov

Photographer: Yekaterina Shtukina/AFP via Getty Images 

Not everyone in Moscow is mourning the ruble’s 20% plunge against the dollar this year. The government minister in charge of getting companies to keep production at home thinks it’s “awesome.”

Russian companies that don’t rely heavily on imports “are in a sweet spot right now,” Industry and Trade Minister Denis Manturov said in an interview on Wednesday.