The ruble is at its lowest since March 2022 and the Russian Central Bank is convening an unscheduled meeting of the Board of Directors for tomorrow to decide on a new rate intervention in an attempt to curb the vertical collapse of the currency.
The ruble, which has lost about 25% of its value since the beginning of the year, today hit its lowest since March 2022, with the dollar breaking through the psychological threshold of 100 rubles and the euro strengthening up to 110 rubles .
After the announcement of the meeting, the dollar fell below 99 rubles and the euro below 108.
The Bank of Russia had already decided last month on a 100 basis point increase in the interest rate to 8.5%, but today President Vladimir Putin's economic adviser, Maxim Oreshkin , called for a new intervention, saying that «the main cause of the weakening of the ruble and the acceleration of inflation is a soft monetary policy».
«A weak ruble - Oreshkin insisted in an interview with Tass - complicates the structural transformation of the economy and has a negative effect on the real income of the population. It is in the interest of the Russian economy to have a strong ruble .'
(Unioneonline/L)
