A new day Russia and a new one loss of rubles this monday. At the time of writing this article, the change 109 rubles for each euro, a clearly disadvantageous change, worse than the usual before the Russian offensive. At the beginning of 2022 it was around 85 rubles. The only bad moment in the country’s recent history was the date when the first sanctions, such as the exclusion of Russian banks from the international trade system, began to be imposed on March 11, 2022. quick cards. Currency lost over the last 12 months 40% of its value.
Kremlin technocrats managed to stop the coup and even revalue the ruble This artificial growth, which was above pre-attack figures of up to 57 rubles per euro, did not translate into greater prosperity for Russian citizens who saw how. inflation increased and some products are not enough Drugs, technological equipment and something that could have been worse if Moscow had not allowed parallel imports, i.e. a kind of legal smuggling from which Western products such as iPhones, Mercedes or Coca-cola come.
European economies weakened Russia with international sanctions and reduced Russian oil and gas imports to a minimum. Instead, the EU has chosen to buy more hydrocarbons from the US, Canada, Norway and Azerbaijan, among others. This did not prevent the Kremlin from increasing military spending. According to the Reuters news agency, that spent a third of public spending on the Army in 2023, which is more than double what it spent last year.
letters on the subject
Moscow knows it must take action and the Bank of Russia will meet on Tuesday Board of Directors Meeting which will analyze the “level of the base rate”. The business pointed out today that “there is no threat to financial stability given the weakening of the ruble”.
Maxim Oreshkin, Vladimir Putin’s economic adviser, told Russian state news agency Tass that the depreciation of the currency and the rise in inflation are mainly due to “loose monetary policy” and called for calm because the Russian central bank has “all the necessary tools to normalize the situation in the near future.” weak ruble complicates economic restructuring and negatively affect the population.