The Russian president, Vladimir Putinstated this Thursday that there is no reason for Russians to worry about the fall of the Russian ruble, which this week plummeted to its lowest level since March 2022.
“The situation is under control. There is certainly no reason for panic.”Putin told reporters in Astanastating that the fall of the currency – which analysts attribute to its invasion of Ukraine and Western sanctions – was due to “seasonal factors.”
The declaration also comes from the fact that the Central Bank of Russia (BCR) announced the suspension of the purchase of foreign currencies in the domestic market until the end of the year, in an attempt to mitigate the strong devaluation of the ruble. According to the regulator, the measure aims to “reduce volatility in financial markets”.
He ruble It plummeted this week to 108.01 units per dollar, marking a decrease of 2.73 rubles compared to the previous price. The price of the euro reached 113.09 rubles, while the Chinese yuan exceeded 15 rubles.
Since November 5, the date of the victory of Donald Trump in the presidential elections USAthe Russian currency has lost close to 10% of its value, approaching the historical lows recorded in March 2022 after the start of the war in ukraine.
He BCR He stressed that he will continue with the sale of foreign currencies to strengthen the National Welfare Fund and will evaluate the resumption of purchases based on the conditions of the financial marketpostponing any acquisition until 2025.
Among the elements that have accelerated the depreciation of the rubleanalysts highlight the economic sanctions of USAsuch as those imposed on November 21 against Gazprombank and other Russian financial entities. These restrictions directly affect exporters, reducing the entry of foreign currency into the country.
He Treasury Department American has pointed out that Gazprombank plays a key role in the purchase of military material by Russiawhich has intensified measures against the entity and its subsidiaries abroad.
Added to this is the military escalation between Russia y Ukraineincluding the recent use of the hypersonic missile Oréshnikin response to Ukrainian attacks with long-range missiles manufactured in the West.
Internal factors, such as increased budget expenditures and the end of the fiscal period at the end of Novemberhave also contributed to pressure on the currency.
The official inflation It stands at 8.5%, although economists suggest that the real figure could be three times higher. Besides, Basic basket prices have increased significantly in recent monthsfueling criticism against the Banco Central by officials and economists.
Since September, the depreciation of ruble has been constant, aggravated by high interest rates set at 21%, which could lead to economic stagnation accompanied by uncontrolled inflation.
The foreign exchange market has also undergone transformations: in June, the Moscow Stock Exchange stopped operating with dollars and euros after being sanctioned for USAtransferring the management of official exchange rates to the Banco Central.
(With information from EFE)
