The topic of the strengthening of the Russian ruble and its current exchange rate against the dollar and the euro appeared on the front pages of the Turkish and Egyptian travel media. All of them cite the success of the Russian currency, noting the main reasons, and most importantly, they expect that as a result, the prices for tours to their countries, which are formed in dollars, will become much more affordable for Russian tourists – and they will again go to them en masse. Moreover, Europe is closed for our tourists – which, by the way, local experts considered an additional guarantee of the strengthening of the ruble.
The main topic that caused the publication was that the dollar, on the wave of sanctions at the end of February, “took off” to 110 rubles, at the moment fell below the record mark of 66 rubles. This is the lowest level since pre-Covid times. from March 2020. The situation is similar with the euro – it is trading below 70 rubles for the first time since February 2020.
Interestingly, among the reasons, Egyptian experts also named tourism – more precisely, the absence of a mass departure. They fully explain the strengthening position of the ruble by the following reasons: “by the measures of the Central Bank of the Russian Federation to achieve economic and financial stability, primarily by restrictions on transfers and the obligation of exporters in Russia to sell 80% of foreign exchange earnings on the Moscow Exchange, which led to a constant increase in the supply of foreign currency by local market, as well as the orientation of Russian tourism to local programs instead of going abroad,” they say. Also, of course, the rise in world prices for oil and gas is mentioned, against the backdrop of “the signing by Russian President Vladimir Putin of a decision on the fulfillment of obligations of Russian companies to foreign creditors in rubles.”
Wassim Suleiman, a political analyst in Moscow, told Sky News Arabia that one of the reasons is a significant decline in demand for the dollar. The panic over the sanctions has subsided, the financial situation has stabilized, the effect of propaganda has ended… And then, with a direct quote, the expert announced the following: “Russian citizens bought dollars and euros for reasons related to tourism in Europe, since Europe was an important tourist destination for Russians. But the suspension of flights as a result of Western policy forced citizens to turn to domestic tourism, which also strengthened the local currency in Russia. And when we talk about Russian tourists, we are talking about millions of people.”
Further, local experts, both Egyptian and Turkish, expect that this exchange rate will still somewhat reassure tourists and reduce “ruble” prices for tours. As a result, Russian demand for travel abroad, and primarily to Turkey and Egypt, will grow. Moreover, only sincere lovers are ready to “sneak” into closed Europe, and most tourists will choose more accessible destinations – primarily Turkey and Egypt.
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