The Russian Central Bank is in serious trouble again. The ruble will continue to fall sharply against the dollar. The introduction of maximum gas and oil prices had a negative impact on the Russian currency.
The economic sanctions imposed by the West on the Russian economy are once again taking their toll on the Russian Central Bank. The ruble falls for the second day in a row.
The ruble is getting cheaper. Sanctions will kill the economy
There is no doubt that the price of the ruble is closely linked to the economic sanctions imposed on Russia by the West. According to experts, the biggest blow was the agreement on maximum prices for Russian gas and oil. However, the beginning of the Kremlin’s real problems was the EU agreement on an embargo on Russian raw materials.
During the week, the ruble lost as much as 8% against the dollar. and its speed is close to reaching a monthly minimum. Currently, one dollar has to pay more than 70 rubles. This is the last level, recorded in early May, when the Russian currency was recovering after the strongest shock caused by the beginning of the armed invasion of Ukraine.
The ruble was at its weakest on March 7th. At that time, one dollar had to pay as much as 139 dollars. The West then started talking about retaliatory sanctions, and the Russian stock market remained closed due to fears of capital outflow.
Western exchange rates fluctuate
However, major European currencies are also falling. Currently, you have to pay an average of PLN 4.69 per franc. Franc has not been this cheap since July 2022. It is worth recalling that after a sharp increase in interest rates in September, the currency reached the level of PLN 5.06.
The euro rose slightly. The European currency today is worth PLN 4.66, which is PLN 0.2 more compared to the lows recorded on December 22 and 25. Previously, these prices were indicated at the end of June 2022. So you can see that the trends seen last summer have returned to currencies this year.
Source: Wprost
