The Russian ruble has hit its lowest point against the US dollar in 16 months, marking its weakest position since Russia’s invasion of Ukraine. Despite the Kremlin’s attempts to stabilize the currency, it fell below the 100 to the dollar threshold for the first time since March 2022, when the conflict began.
The Central Bank of Russia has taken various measures to support the ruble, including ending foreign currency purchases on the domestic market until the end of the year in order to reduce volatility.
Following Vladimir Putin’s invasion of Ukraine, the ruble initially weakened but made a strong recovery in 2022 due to soaring oil prices. However, this year it has lost 30% of its value as a result of sanctions and declining oil and gas exports, despite increased military spending. The failed mutiny by mercenaries from the Wagner group further raised concerns about Russia’s economic stability.
A top economic adviser to Putin, Maxim Oreshkin, criticized the country’s central bank on Monday, attributing the rouble’s slump to loose monetary policy. Oreshkin stated that the central bank has the tools to normalize the situation and bring lending rates to sustainable levels.
Stay updated with the latest developments below.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
