Russia said Thursday, December 25 the ruble crisis “over. “” The benchmark interest rate was raised to stabilize the situation on the foreign exchange market, but this period is now over and we believe the ruble strengthens “, told the Upper House of Parliament by the Minister of Finance of the Russian Federation, Anton Siluanov. After reaching, at a meeting Dec. 16, 80 rubles per dollar, the Russian currency has indeed reinforced and the greenback was trading 26 December early in the day to just over 52.77 rubles, the level of early December.
Measures to reduce the ruble
The increase in the interest rate of the central bank on December 15 evening, from 10.5% to 17 %, probably ended up playing a role in the market, but the main driver of this decline was the direct intervention of the government and the central bank. According to latest figures, foreign exchange reserves of the latter and the two SWFs have thus declined $ 15.7 billion last week. They are however still at 398 900 000 000 dollars. Moscow has also taken steps that amount to an informal capital controls.
Inflation 11%
The ruble remains far from the level of the first part of year, where he was between 32 and 34 rubles to the dollar. The population should feel some economic consequences of this decline in the Russian currency. On Thursday, the economic adviser to Vladimir Putin, Andrei Belousov, said inflation could reach 11% by the end of December. It has already exceeded 10% for the first time since 2009. The government has already decided to place a limit on the price of vodka. The purpose of this control is to prevent the Russians rush, because of high prices, to the illegal vodka, often much stronger and more harmful.
No comments:
Post a Comment