With the war in Ukraine having increasingly uncertain and dramatic outcomes, the Russian economy is faced with a very difficult and adverse scenario
The ruble collapses and other alarms for the Russian economy return to unnerve the already complex economic scenario.
Specifically, we read on www.money.it, the currency has broken through the psychological level of 100 against the dollar for the first time since March last year, even after the Russian central bank tried to stem the crisis by halting its domestic foreign exchange purchases for the remainder of 2023.
The ruble has weakened by about 25% against the dollar this year, placing it among the three worst emerging market currencies alongside the Turkish lira and the Argentine peso. Its value has almost halved from its peak in June last year, while the invasion of theUkraine by President Vladimir Putin continues with no end in sight and sanctions, including a cap on the price of oil, cut export revenues.
The collapse occurred just as the president’s economic adviser Russian he said the nation wants a strong ruble and that loose monetary policy was the main reason behind the weakening of the Russian currency.
With the war on Ukraine with increasingly uncertain and dramatic outcomes now that the Black Sea has also been targeted, the Russian economy itself is faced with a very difficult and adverse scenario. The crash of the ruble proves it.
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