Since November 21, when the US Treasury imposed sanctions against Gazprombank, the state corporation Dom.RF, BKS Bank and other credit institutions, the Russian currency has weakened by more than 9% against the dollar and by 6% against the yuan , writes the agency. According to him, since the beginning of 2024, the ruble has lost more than 21% against the American currency.
Most likely, the fall of the ruble will increase inflation, which the Central Bank is trying to contain by raising the key rate to a record level, Bloomberg noted. “The Bank of Russia is faced with a dilemma: whether to raise interest rates further, even if this increases the risk of recession, or simply accept higher inflation pressures,” BE Russia economist Alex Isakov told the agency. According to him, the first option is more likely.
At the last meeting on October 25, the Central Bank raised the key rate by 200 bp, to 21% per annum, which was a record since February 2022, when the regulator raised the rate to 20% per annum. The Central Bank admitted another rate increase at the next meeting, which will take place on December 20.
November 27 dollar exchange rate on the Forex currency market exceeded 114 rubles, very close to 115 rubles. On November 28, the American currency showed a decline – at the time of publication (22:15 Moscow time) it was trading at 108 rubles, cheaper by 5.1489 rubles compared to the previous close.
The ruble began to strengthen after the Central Bank decided not to buy foreign currency on the domestic market until the end of 2024 in order to reduce volatility. The decision to resume the purchase “will be made taking into account the current situation in the financial markets,” the regulator noted.
Cover photo: verash095 / 500px /
Source: rb.ru
