The ruble is depreciating sharply due to heavy Western sanctions against Russia. Recall that, Europe The union is subject to sanctions adopted by the United States and the United Kingdom, which are joined by other important countries in the world economy according to, Russia Central Bank430 billion assets of Russia have been frozen, most Russian banks have been removed from the SWIFT system.
Experts say that, Russia currency dollarseuro and other currencies snowIt has fallen in price by about 40 percent and the process will continue rapidly. On February 28, the reduction started at 25 percent.
On February 28 Russia Central BankThe interest rate was raised from 9.5 percent to prevent the ruble from depreciating 20 raised interest. According to Banki.ru according tocommercial banks offer lower rates, a dollars It is sold for 120-140 rubles.
Azerbaijan Center Bankto the information released today according toRussian ruble to Azerbaijani manat snowThe official exchange rate was 0.0157 manat (1 manat / 63.69 rubles). Thus, compared to February 25, the ruble fell by 21.5 percent.
Experts say that, The financial crisis in Russia will have a serious impact on Azerbaijan. Because economic relations between the countries are quite wide, the neighboring country in non-oil exports 3 billion dollar share takes first place. Russia is the largest market for agricultural products produced in Azerbaijan. Entrepreneurs and farmers get a good income from the export of vegetables and fruits every year. And from this country food products, semi-finished products, industry and import construction goods.
In addition, about 2 million Azerbaijanis live in Russia and works. The funds they sent are in Azerbaijan social has a very serious impact on the stability of the situation, because the statistics according to, the volume of remittances is estimated at hundreds of millions of dollars. This situation also applies to other post-Soviet countries. For example, the Central Bank of Russia 2020Statistical data for the year according to298 million remittances sent by individuals from Russia to Azerbaijan in the year of the pandemic dollars was.
Statistics published by the Central Bank of Azerbaijan for the 3rd quarter of 2021 according to, $ 772 million sent to Azerbaijan from foreign countries Russia alone accounts for 53 percent of these funds. Russia sends an average of more than $ 45 million a month to Azerbaijan through official channels.
There is no doubt that the ruble will depreciate sharply that, The income earned in this country will have a negative impact on the income of our compatriots who support their families in Azerbaijan. They say so themselves.
Moscow Ismayil Ismayilzadeh, who is engaged in trade, told Pressklub.az that, Trade is quiet in the Russian capital and Serious agitation begins in financial sector: “Prices have risen by about 50 percent, imports have stopped, and now we sell the products we have in stock,” he said. From yesterday trustThere are problems with the import of fruits and vegetables from Turkey. The information we received according toThat the Russian government supports Ukraine according to, banned imports from the brotherly country. If this continues, trade will remain clean, but we will rely on local products that, It is impossible to earn money and support a family. “
Our interlocutor adds that, Some Azerbaijanis are already thinking of selling what they have and returning to the country: The Russian ruble is “dying” in the first weeks of inflation trustIt is possible to earn a lot, but it is not worth it, the dollar is already sold on the black market for 190 rubles, and the money we send to Azerbaijan is exchanged for pennies. Probably that, sanctions according to We will not be able to send money to our families through the bank. ”
Namig Hasanov, who lives in Pyatigorsk and runs a greenhouse, says that, The situation is worse than the worst case scenario: “Everything depends on each other snowThe crowd lost their heads. Prices have risen sharply, and most importers have stopped selling because they can’t afford it, and businessmen lose money when they convert money into dollars. Most importantly, those who work here and send money to their families are deeply disappointed. Because what they earn does not increase, but decreases. Everyone has a hemp bag in Azerbaijan, where they look at our hands. If this happens, a large migration of Azerbaijanis from Russia will begin. ”
Experts say that, Decrease in remittances from Russia to Azerbaijan, the return of some migrant workers in the country social will adversely affect the situation. Because these funds keep the real sector afloat, food, food products, construction materials and is spent on the purchase and sale of daily necessities. The government must control the situation, employment, social should try to solve problems in the field of payments.