Russian Ruble Plummets to 17-Month Low Against US Dollar
  • 8 months ago
The Russian ruble has declined to over 100 against the US dollar, reaching a 17-month low. This depreciation has been attributed to loose monetary policy by President Vladimir Putin's economic advisor, Maxim Oreshkin. The ruble's value has fallen by approximately 30% against the dollar since the beginning of the year. Russia's central bank has linked the currency's decline to a significant reduction in the country's trade balance and an 85% decrease in the current account surplus from January to July compared to the previous year. To stabilize the ruble, the central bank ceased foreign currency purchases for the remainder of the year. Despite a stronger-than-expected 4.9% year-on-year GDP growth in the second quarter, experts anticipate increased inflation and potential monetary policy tightening, potentially affecting economic growth.
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