The recent strengthening of the ruble is due to the increase in the sale of foreign currency earnings. According to the Central Bank of Russia, this TASS citing departmental documents.
“The strengthening of the national currency in October was facilitated by an increase in the net sales volume of foreign exchange earnings of exporters. Net foreign exchange sales volume of the largest exporters rose to $12.5 billion in October, compared to $9.2 billion in September and $7.2 billion in August; Most of the sales occurred in the second half of the month. .
The Central Bank also claims that an increase in the interest rate to 15 percent was effective; On the one hand, this limits the demand for ruble loans, and on the other hand, it increases the attractiveness of ruble deposits.
The devaluation process of the banking sector continues in the Russian economy; In October, banks’ foreign currency assets decreased by 3.2 billion dollars and their foreign exchange liabilities decreased by 3 billion dollars.
previously economist explainedWhy will the increase in the Central Bank rate not strengthen the ruble?
Formerly Central Bank raised key rate up to 15%.