The devaluation of the ruble is mostly a negative phenomenon. it depreciates the real purchasing power of citizens and leads to higher prices. But there are also those who remain in positive territory from the depreciation of the national currency.
Budget
The state budget has the most tangible benefit from the devaluation of the ruble. The fact is that the dominant part of the budget revenue is formed in foreign currency due to the export of energy resources. Whereas liabilities (government spending) are in rubles. Accordingly, the budget benefits from the exchange rate difference. So, in January alone, the budget grew by 6% due to devaluation, which made it deficit-free.
As a result of an increase in budget replenishment, the population can also benefit, for example, from an increase in the level of wages. Of course, this is only possible if the additional income received is used for social needs.
Exporters
Exporters also turn out to be in the black, supplying products to foreign markets. Because they produce goods in Russia, then they bear the costs in rubles. The largest Russian exporters include oil and gas, metallurgical companies and manufacturers of the military-industrial complex. But at the same time, the cost of fuel in the domestic market also increases due to the fact that it is more profitable to sell it in foreign markets.
Domestic manufacturers
The devaluation of the ruble makes Russian-made products more competitive. Thus, those companies that are engaged in import substitution have a real opportunity to lure some of the buyers over to their side. For example, devaluation can boost industrial growth. The food, textile and light industries, as well as Russian mechanical engineering, benefit most of all.
Domestic tourism is also a plus, as holidays in Russia are becoming cheaper than abroad. Foreign tours will grow in terms of rubles, while currency exchange for recreation will become less profitable.
Holders of foreign currency deposits
The devaluation is also beneficial for those who keep their savings on a foreign currency deposit. It leads to an increase in the profitability of the deposit, but only on the condition that the profit from the placement of money will be spent in Russia. But the holders of ruble loans will only benefit if they receive income in foreign currency. This will make loan payments less burdensome for them.
Accordingly, those who have income in rubles and expenses in dollars and euros will be the biggest losers from the weakening of the national currency. They will also be joined by importers and manufacturers using imported components. Devaluation will make their products less price competitive. Of course, the greatest damage will be done to the population, since the weakening of the ruble always leads to the acceleration of inflationary processes.
