The Russian ruble is depreciating sharply
Central bank unexpected interest rate last week 20 reduced to 17 percent
The center of Russia bankThe ruble depreciated sharply after it decided to ease some temporary controls on capital. The purpose of the measures was to limit the impact of international sanctions on the ruble. Russia to Ukraine on February 24 snowSince the start of the war for no apparent reason, it has faced severe financial sanctions from the West.
Central bankas reported on the evening of April 8 according tofrom today – from April 11 to purchase foreign currency through brokers according to A 12 percent commission fee is raised.
The bank also announced that it will lift a temporary ban on the sale of foreign currency to individuals from April 18.
Both the dollar and the euro snowshi cheapening
On the morning of April 11 at the Moscow Stock Exchange dollars It was 82.09 rubles, and on April 8 the rate was 71.
Clock with local time 10At 30, the daily exchange rate of the ruble against the dollar fell by 5 percent to 80 euros snowwhile it fell by 4.4 percent to 86.4.
The main measures in support of the ruble were the obligation of export-oriented companies to convert 80 percent of their foreign exchange reserves into rubles, as well as raising interest rates. The central bank unexpectedly raised interest rates last week 20 reduced to 17 percent.
Russia Immediately after the start of the war against Ukraine, the ruble fell sharply. At the time, markets were trying to assess the impact of Western sanctions on Moscow.