Russian President Vladimir Putin has asserted that the global financial system, built around the U.S. dollar, is gradually losing its footing. Speaking at the annual gathering of the Valdai international discussion club, he argued that the currency reflects the strength of state-backed economies, and that the share of the American economy in world GDP is shrinking, describing these shifts as evident.
Putin also highlighted the dollar’s recent performance, noting that it briefly touched the 100 rubles per dollar level for the first time since mid-August. He framed this movement as part of a broader trend in currency dynamics tied to state influence and the relative strength of major economies on the world stage.
Meanwhile, market observers offered contrasting takeaways. Dmitry Babin, a stock market expert with BCS World of Investments, suggested that reaching the 100 ruble mark remains a formidable barrier for the dollar. He argued that Russia could have found a balance between foreign exchange demand and supply, stabilizing the ruble amid shifting pressures.
On the other side of the debate, Alfa Capital analyst Alexander Dzhioev proposed that should the current easing in foreign exchange movements end, the ruble might strengthen further and potentially move back toward the 85 rubles per dollar level. That scenario would depend on a range of global and domestic factors, including capital flows and monetary policy responses.
In response to changing market conditions, the Central Bank of the Russian Federation had previously raised its key rate to 13 percent as part of efforts to curb inflation and support currency stability. This stance reflects the ongoing tension between controlling price growth and maintaining financial resilience in the face of external shocks.