Post by sevenofnine on Aug 14, 2023 12:13:42 GMT -5
WOW that low
The Russian rouble has reached its lowest value since the early weeks of the war in Ukraine as Western sanctions on energy exports have begun hitting the economy and weakening demand for the national currency.
On Monday, the Russian currency passed 101 roubles to the dollar, continuing a more than 25 percent decline in its value since the beginning of the year and hitting its lowest value in almost 17 months.
According to a report by Russian state news agency TASS, President Vladimir Putin’s economic adviser, Maksim Oreshkin, blamed the weak rouble on “loose monetary policy”.
He said a strong rouble is in the interest of the Russian economy and a weak currency “complicates economic restructuring and negatively affects people’s real incomes”.
Oreshkin added that Russia’s Central Bank has “all the tools necessary” to stabilise the situation and said he expected normalisation shortly.
At a press conference on Friday, Central Bank Deputy Director Alexey Zabotkin said the bank is adhering to a floating exchange rate because “it allows the economy to effectively adapt to changing external conditions”.
www.aljazeera.com/news/2023/8/14/russias-rouble-falls-to-17-month-low-against-the-us-dollar
The Russian rouble has reached its lowest value since the early weeks of the war in Ukraine as Western sanctions on energy exports have begun hitting the economy and weakening demand for the national currency.
On Monday, the Russian currency passed 101 roubles to the dollar, continuing a more than 25 percent decline in its value since the beginning of the year and hitting its lowest value in almost 17 months.
According to a report by Russian state news agency TASS, President Vladimir Putin’s economic adviser, Maksim Oreshkin, blamed the weak rouble on “loose monetary policy”.
He said a strong rouble is in the interest of the Russian economy and a weak currency “complicates economic restructuring and negatively affects people’s real incomes”.
Oreshkin added that Russia’s Central Bank has “all the tools necessary” to stabilise the situation and said he expected normalisation shortly.
At a press conference on Friday, Central Bank Deputy Director Alexey Zabotkin said the bank is adhering to a floating exchange rate because “it allows the economy to effectively adapt to changing external conditions”.
www.aljazeera.com/news/2023/8/14/russias-rouble-falls-to-17-month-low-against-the-us-dollar
!!
