BARNAUL, August 28. /TASS/. The ruble exchange rate at the end of 2022 may reach 65-67 rubles per dollar, according to Chief economist at VEB.RF Andrey Klepach.

"Against the backdrop of falling oil prices, I believe the ruble will fall to 65-67 [rubles per dollar] by the end of the year. The ruble would have fallen if the Bank of Russia had dropped the rate more considerably, to 4%," Klepach told TASS.

Earlier, Klepach told TASS that the key rate of the Bank of Russia, which now stands at 8% per annum, could drop to 7-7.5% by the end of this year.

The Bank of Russia raised its key rate by 10.5 percentage points to 20% per annum in late February, noting that external conditions for the country's economy had changed drastically, with the key rate increase expected to support the financial and price stability and protect people's savings. After the decision, the key rate was reduced several times. In particular, on July 22, the regulator's board of directors cut the key rate from 9.5% to 8% per annum.

According to the Central Bank's base case forecast, the key rate will equal from 6.5% to 8.5% per annum in 2023, 6-7% per annum in 2024, and 5-6% per annum in 2025.