VTB forecasts the ruble will weaken to 90 rubles per dollar in 2026.

      28 November 2025 13:37 Economy VTB Bank expects that in the first quarter of 2026 the ruble may weaken to 90 rubles per U.S. dollar and also predicts a turbulent period for inflation. This was said in an interview with Interfax by VTB's First Deputy Chairman Dmitry Pyanov.

      "We are preparing for a very unstable first quarter, when the new VAT comes into effect and it becomes clear how the changes will be reflected in prices. In the first and second quarters, inflation expectations are likely to rise," Pyanov noted.

      According to him, the reaction of the Bank of Russia's board of directors to these changes remains uncertain.

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