Ruble-Dollar Exchange Rate Surges to Highest Level Since Beginning of War

During a week and a half since 23-24. due to the events of June, the dollar rate on the Moscow Stock Exchange increased by more than six rubles, on Wednesday reaching the highest level since the first weeks of the war – 91.2 rubles per dollar. The euro has become more expensive by almost 7 rubles and has reached 99.27 rubles, while in major banks and currency exchange points more than 100 rubles are demanded for one euro.

Yegor Susin, CEO of GPB Private Banking, explains that the drop in the value of the ruble, which is the strongest since the beginning of the year, is related to the drop in foreign exchange income from foreign trade, as well as capital outflow.

“We see very serious money flowing out. Here we need to talk not only about the economic situation, but also about the behavior of certain individuals who, as can be seen, have made a decision that it would be better to be different,” said Yevgeniis Kogan, professor of the Higher School of Economics.

The tanks, 200 kilometers from Moscow, gave Russian elites a shock the likes of which had never been experienced during the rule of dictator Vladimir Putin. While regional utilities dug up highways to stop the Wagner convoys, the Russian National Guard and OMON units prepared for defense, meanwhile private business jets took off en masse from Moscow airports, taking their owners to Turkey and Dubai.

2023-07-06 07:10:00
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