Central Bank: in May 2024, the real effective exchange rate of the ruble increased by 2.1%
In May 2024, the real effective exchange rate of the ruble increased. So the indicators of the national currency appreciated at the Central Bank of Russia.
The effective exchange rate of the ruble to the basket of currencies of the states that are Russia’s main trading partners increased by 2.1 percent over the month. At the end of January-May 2024, the currency strengthened by 2.3 percent.
The real effective exchange rate is calculated as the weighted sum of the real exchange rate indices for a given year relative to the base one. Its difference from the nominal one is that the value of the currency is assessed not in relation to one specific currency, but to several of them.
From January to October 2023, the real effective exchange rate of the ruble, calculated in relation to the currencies of Russia’s main trading partners, fell by 28.8 percent. The index against the dollar during this period decreased by 31.7 percent, against the euro – by 30.8 percent, and against the yuan – by 25.9 percent.
After introducing sanctions against the Moscow Exchange and stopping dollar trading, the Central Bank announced that the main currency of exchange trading is the yuan, which accounted for 54 percent of trading in May. Accordingly, it will set the trajectory for other currency pairs, the regulator added.
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