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Peter Davis

An writer at FOMOdrive

  • Sep 14, 2023
  • 2 min read

Oreshkin and Kostin collapsed the US dollar

On Wednesday, the ruble experienced a sharp rise, reversing its two-week downward trend.

The dollar exchange rate dropped close to 95 rubles/$, losing almost three rubles.

The Russian currency was supported by a number of factors.

Oreshkin, a presidential aide, declared that the ruble's most severe depreciation has already occurred.

The Central Bank is also contemplating restricting Russian citizens from transferring rubles overseas.

The Moscow Exchange saw the dollar drop by 2.7 rubles, bringing it to 95.08 rubles/$.

Interfax-CEA has observed that the ruble has significantly strengthened in the early part of the week due to the various declarations made by Russian officials in the past few days.

Maxim Oreshkin, a Russian Presidential Aide, declared on Monday at the Eastern Economic Forum that the worst of the ruble's depreciation has already passed.

He believes that in the upcoming months, the market will experience a rise in foreign exchange earnings due to the rise in prices of exported goods. This, combined with the decrease in imports of goods and services, as well as the effects of raising the key rate and tightening macroprudential policy, will result in a surplus of currency in the market.

Andrei Kostin, the head of VTB, proposed limiting the amount of rubles that Russians can transfer abroad in order to further support the national currency. He suggested that the same threshold of 100 million rubles per month should be applied to both ruble and foreign currency transfers.

The Bank of Russia has confirmed that the concept of restricting foreign transfers in rubles is being discussed.

Forbes reports suggest that the Central Bank of the Russian Federation may raise the key rate again on September 15. Most economists and analysts surveyed by Forbes anticipate an increase of 50 to 300 basis points. It is noted that the sudden, unexpected rate hike in mid-August has not yet had the desired outcome.

The Central Bank declared last week that it would raise the daily foreign currency sales from 2.3 billion rubles to 21.1 billion rubles from September 14 to 22.

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