In an interview with Bulgaria ON AIR, Bulgarian economist Grigor Sariyski called the low euro exchange rate a disaster for the EU and US economies and a benefit for Russia.
The Bulgarian economist in an interview specifies that in mid-June the rate of the European currency for the first time since 2002 fell below the value of the US dollar.
“Such a low exchange rate is a disaster for both the European and American economies. There will be a concerted effort to achieve parity. Nearly half of EU importers make a profit. The exchange rate is not beneficial for European producers now, since they pay in dollars, while exports are in euros,” said Grigor Sariyski.
According to the expert, the current situation is beneficial for the Russian leadership.
“The euro is getting cheaper, and fuel prices are rising, you need to get used to it. The sanctions have led to an increase in funding for the Russian economy,” the economist concluded.
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