(Blooomberg – bloomberg.com – Ye Xie and Elena Popina – October 9, 2014) As Russia starts burning through foreign reserves in a bid to defend the ruble, flashbacks to the country’s 1998 devaluation and default are inevitable. While the government is in a much stronger position today to fend off the crisis than it was then — foreign reserves are […]
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(Business New Europe – bne.eu – October 9, 2014) The ruble dropped on October 8 by a further 24 kopecks to the dollar and 29 kopecks to the euro. In order to support the exchange rate, the central bank was estimated by market participants to have sold more than $1.1bn, at least four times raising the upper threshold of the […]
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(Interfax – October 7, 2014) The risk of the Russian economy moving from stagnation to a full-scale recession “has become slightly higher” in the short run, privately-owned Russian news agency Interfax reported on 7 October, quoting the latest study carried out by a group of Russian researchers. The research headlined “Comments on the state and business” for the period from […]
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(Bloomberg – bloomberg.com – Vladimir Kuznetsov – October 7, 2014) Russia’s central bank spent as much as $1.75 billion to prop up the ruble over the last two trading days, its biggest market intervention since President Vladimir Putin’s incursion into Ukraine in March. Russia’s central bank spent the equivalent of $980 million to shore up the ruble on Oct. 3, […]
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(Moscow Times – themoscowtimes.com – October 6, 2014) Year-on-year inflation hit 8 percent in September, driven up by the plummeting value of the ruble and Russia’s bans on many food imports from the United States and European Union, according to data from state statistics service, Rosstat. Rising food prices were the main driver, climbing 11.4 percent year-on-year in September, up […]
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(Moscow Times – themoscowtimes.com – September 29, 2014) The ruble sunk to a record low against the Central Bank’s currency basket Monday, continuing a steady slide that has seen it lose over 15 percent of its value this year. The Russian currency dropped during morning trading and was worth 44.37 against the euro-dollar basket shortly after midday, its lowest level […]
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BERLIN, April 10 (RIA Novosti) – The outflow of capital from Russia is not tied to events in Ukraine, but to fluctuations in the exchange rate of the ruble, Russian First Deputy Prime Minister Igor Shuvalov said Thursday. “The outflow of capital is not mainly tied to Crimea, the outflow, of course, is connected with the events that happened in […]
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Moscow, 26 March: The rouble is a sanction-proof currency, the first deputy head of the Central Bank of the Russian Federation, Kseniya Yudayeva, has said at a conference in the State Duma. “The rouble is the most sanction-proof currency,” she said without specifying the currencies compared to which the rouble is the most sanction-proof. “We have found a paradoxical thing. […]
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MOSCOW, March 25 (RIA Novosti) – Russian Finance Minister Anton Siluanov gave a boost to the ruble Tuesday by raising expectations the Russian currency would strengthen once the current foreign and domestic economic situations stabilize. The ruble strengthened by 46 kopecks (1.3 percent) against the dollar and by 76 kopecks (1.5 percent) against the euro Tuesday on the news. “If […]
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(Moscow Times – themoscowtimes.com – Anatoly Medetsky – March 5, 2014) A cheaper ruble and more expensive oil could actually go a long way in improving Russia’s economy, possibly offsetting other potential aftershocks of the Ukraine crisis. U.S. Secretary of State John Kerry in interviews on Sunday identified the ruble’s slide as among Russia’s economic challenges that could get worse […]
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(RIA Novosti – February 27, 2014) Steady weakening of the ruble will contribute to inflation, but may also boost revenues to the Russian treasury by $10 billion, a senior finance official has predicted, according to a report in a daily newspaper Thursday. Since the federal budget for 2014 assumed an exchange rate of 33 rubles to the dollar, a weaker […]
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(RIA Novosti – February 25, 2014) A weakening ruble could boost Russia’s federal income by $28 billion this year, pushing the treasury into surplus, according to a report published Tuesday by Moscow’s Higher School of Economics. The ruble has fallen by more than 7.5 percent since the beginning of the year against the dollar-euro basket used by the Central Bank […]
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SYDNEY. Feb 23 (Interfax) – The ruble’s weakening observed since the start of the year is due to slowdown in Russia’s economic growth in the first place, not over the curtailment of the Quantitative Easing (QE) program by the United States, Russian Finance Minister Anton Siluanov told reporters. “What happened to the ruble’s exchange rate at the start of the […]
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MOSCOW, February 20 (RIA Novosti) – Concerns about the Russian economy grew following data published Wednesday showing that investment by Russian companies fell 7 percent last month as compared with January 2012. The data, published by state statistics service Rosstat on its website, reinforced fears that the economy has become mired in stagnation. Russian business newspaper Vedomosti cited an unnamed […]
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(Russia Beyond the Headlines – rbth.ru – Kira Egorova, Anna Sorokina, RBTH – February 19, 2014) On Wednesday morning, the ruble slid to a five-year low against the dollar on trading in the Moscow Exchange. Experts have tried to reassure investors arguing, that the ruble will gain ground soon The Euro also reached an all-time high against the Russian national […]
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[“Russia holds rate, warns of rises if inflation accelerates” – CentralBankNews.info – February 14, 2014 – http://www.centralbanknews.info/2014/02/russia-holds-rate-warns-of-rises-if.html] CentralBankNews.info covers Russia’s Central Bank and its decision to maintain its key policy rate at 5.50 per cent. The Central Bank cautions that it could raise rates if inflation exceeds the bank’s target, but asserts an expectation that inflation will be held in […]
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(Moscow News – themoscownews.com – Natalia Antonova, Nathan Gray – February 5, 2014) Following the weakening of the ruble, Moscow residents both foreign and local are bracing themselves in expectation of higher prices and general market instability. Yet according to the experts, it is too soon to tell whether or not the currency’s present state will have a lasting impact […]
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(Moscow Times – themoscowtimes.com – Delphine d’Amora – January 31, 2014) It has been a punishing week for the ruble, and for many, the ghosts of previous crises feel all too near. Despite the Central Bank pouring more than $1 billion a day into propping it up, the Russian currency fell 6 percent against the dollar and reached an all-time […]
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(Moscow News – themoscownews.com – Nathan Gray – January 28, 2014) The rapidly depreciating ruble recovered slightly on Tuesday, after recording a five-year low against the euro of 47.50 on Monday. On Tuesday afternoon, the Central Bank indicated a rate of 47.37 against the euro, and 40.36 against the weighted currency basket of dollars and euros. The ruble’s managed decline […]
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MOSCOW, January 28 (RIA Novosti) – The Russian ruble and other emerging market currencies are weakening because of the growing strength of the dollar and the euro, the head of Russia’s central bank said late Monday. Elvira Nabiullina said in a television interview on Channel One that there were no intrinsic problems with the ruble, which has slid to historic […]
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MOSCOW, January 24 (RIA Novosti) The Russia ruble hit a historical record low Friday, dropping to 47.32 rubles per euro at tomorrow settlement date on the Moscow stock exchange. The previous all-time low dates back to February 3, 2009, when the ruble stood at 47.25 rubles per euro. The dollar traded at 34.52 rubles on Friday, a drop of […]
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(Moscow Times – themoscowtimes.com – Anatoly Medetsky – January 21, 2014) In a country like Russia, where a fair share of consumer goods come from abroad, the government’s efforts to move to a more flexible exchange rate for the domestic currency could rattle retailers and restaurants big time. Real estate brokers and others dealing in big-ticket items are also concerned. […]
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(Bloomberg – bloomberg.com – Vladimir Kuznetsov – January 8, 2014) The ruble strengthened after the resumption of trading in Moscow as oil gained and investors bet next month’s Winter Olympics will support Russia’s currency. The ruble appreciated 0.4 percent to 38.4873 against Bank Rossii’s target basket of dollars and euros by 2:03 p.m. in Moscow. The yield on Russian government […]
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(Russia Beyond the Headlines – rbth.ru – Viktor Kuzmin, special to RBTH – December 18, 2013) The ruble’s value decreased 11 percent in 2013, making it a good time for foreign investors to invest or spend more money in Russia. With the Russian ruble devalued by 11 percent, experts say there are opportunities for foreign investors to earn money on […]
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MOSCOW, November 28 (RIA Novosti) Russia’s Economy Ministry said Thursday that the ruble could depreciate further in 2013, weakening the currency to levels not seen for more than four years. The slide has come despite high oil prices and the ongoing tax collection period, which would normally be expected to increase demand for the domestic currency as businesses pay […]
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MOSCOW. Nov 22 (Interfax) – The percentage of Russians who have savings has hit its highest point in the past few years. The ruble remains the most popular currency of savings, but Russians do not want to abandon the dollar or euro either, sociologists said. Some 22% of the respondents said they had savings in fall 2008. The percentage grew […]
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MOSCOW, November 5 (RIA Novosti) The Russian Central Bank launched a public competition Tuesday to find a symbol that will represent the ruble alongside other major world currencies. For the next month, visitors to the Central Bank’s website can vote for one of five variations on the letter R in both the Latin and Cyrillic alphabets. “Written symbols for […]
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(Interfax – MOSCOW, September 25, 2013) The growing capital outflow from Russia is putting pressure on the ruble, the Economic Development Ministry said in an economic forecast for 2014-2016 published on Tuesday. “The increase in private capital outflow in 2013 from $30 billion to $70 billion, according to the forecast, was an important factor in the depreciation of the ruble,” […]
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(Interfax – MOSCOW, September 16, 2013) Capital outflow from Russia is not yet slowing but the ruble will not weaken to any great extent, even if oil prices fall, Deputy Economic Development Minister Andrei Klepach told Interfax. “The ruble will not weaken substantially even if oil prices fall markedly. The Central Bank (in that event) will lose more reserves,” Klepach […]
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(Interfax – STRELNA, September 4, 2013) Former Russian Finance Minister Alexei Kudrin, who currently chairs the Committee on Civil Initiatives, does not anticipate any serious changes to the ruble’s real exchange rate in the next three to four years. “I don’t expect any major changes in the fate of the ruble. If you look at the official forecast, many might […]
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(Interfax – MOSCOW, August 19, 2013) Russians have paid attention to the ruble’s depreciation, which began in late June, but cannot explain its causes, sociologists said. Thirty-nine percent of the respondents polled in 130 towns and cities in 42 regions in July said they had noticed the ruble’s slide. The change was especially obvious to residents of cities with a […]
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(Interfax – MOSCOW, July 30, 2013) The majority of Russians deems ruble devaluation possible and anticipates a threat to family budgets, Romir Holding said. Approximately two-thirds of the 1,000 respondents (64%) polled in seven federal districts in July said ruble devaluation was possible and 13% of them argued that it was inevitable. Twenty-five percent did not expect a crisis, and […]
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(Pravda.ru – Margarita Troitsyna – July 24, 2013) On July 24, 1993, 20 years ago, the Central Bank of Russia announced the withdrawal of Soviet banknotes from circulation. From that day, Soviet cash was no longer valid on the territory of Russia. The reform was carried out to curb inflation in the country, but it caused huge panic in the […]
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(Interfax – MOSCOW, July 9, 2013) The Russian ruble is not in danger of any “almighty devaluation” and Russian citizens have no reason to begin buying large amounts of foreign currency, Ruslan Grinberg, director of the Russian Academy of Sciences’ Economics Institute, said. “Our world is sinking into total uncertainty. It is a guarantee for high oil prices. In this […]
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(Moscow Times – themoscowtimes.com – June 24, 2013) Finance Minister Anton Siluanov said that there are no plans to devalue the ruble, despite claims he made last Tuesday that a weaker currency could boost revenues and growth. “Devaluation will not be carried out in Russia under any circumstances,” Siluanov said Sunday during an interview with Central Television NTV, adding that […]
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