The Russian ruble continues to fall and this morning fell against the dollar to its lowest level in a year and a half.
In Russia, the ruble continues to fall against the dollar and euro. The European and American currencies are rising at the opening of the Moscow Exchange after the opening of trading on October 9. The dollar exchange rate is already above 102 rubles on the stock exchange, the euro is almost 108 rubles, writes RBC.
In the morning, the ruble has been falling even against the Chinese yuan.
The previous time the dollar traded above ₽102 was a year and a half ago, on March 23, 2022.
Thus, the measures previously taken by the Russian authorities to strengthen the ruble are not helping. Earlier, the Kremlin urgently forced the Russian Central Bank to raise the key rate, trying to lower the ruble exchange rate below the psychological level of 100 per dollar. The measure worked in the short term, but a few weeks later the ruble exchange rate began to fall again.
Economists note that the fall of the ruble is provoked by a fundamental problem: the Russian economy is critically short of foreign currency, so its price is rising.
Moreover, the increase in the leverage rate has already damaged the Russian economy by increasing the cost of loans.
Russian economic analyst Anatoly Nesmiyan notesthat, in all likelihood, the Russian authorities will shift the burden of responsibility for the fall of the ruble onto ordinary Russians through a jump in inflation. He writes about this in his Telegram channel, noting the Kremlin’s inability to cope with the fall of the Russian currency.
“In general, it seems that the limit of the Central Bank’s ability to raise the rate has been exhausted. They will put pressure not on the economy, but on citizens through inflation. It will not appear immediately, but in a few months, and then we’ll come up with something,” – he writes.
Earlier, the ruble fell below the psychological level against the backdrop of Putin’s words about “successes” in the Russian economy.
Author: Mark Voroshilov
2023-10-09 11:43:34
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