Russian Finance Minister Anton Siluanov refuted today the circulation of several days of fears related to the collapse of the ruble, which is at its lowest level against the dollar and the euro since March 2022, reported AFP, quoted by BTA.
The ruble has been sinking for several days amid the escalation of tensions between Russia and the West in Ukraine and in the context of new US sanctions against the Russian banking sector.
The Russian currency, which has been highly volatile for three years, traded in today's trade at an official rate of 105.1 rubles to the dollar set by the Russian Central Bank, its lowest level since March 17, 2022. 1 euro was traded for 110.5 rubles.
"I am not saying that the exchange rate is good or bad," Siluanov said during a financial forum, quoted by Russian media."I am only saying that the current exchange rate is very favorable for exporters,", he emphasized.< /p>
The Russian currency crossed the symbolic threshold of 100 rubles last week after Washington announced a series of sanctions against about 50 Russian banks, including Gazprombank, the financial arm of state gas giant Gazprom, used mostly for energy payments from foreign customers.
A weaker currency means that Russian exports are cheaper on world markets, but also that Russia has to spend more to import products from abroad, raising fears of fueling an accelerating inflationary spiral.
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Russia's central bank has already raised its key interest rate to 21 percent to tame inflation, which is hovering around 8.5 percent, or twice the authorities' 4 percent target.
Prior to the conflict, the dollar was exchanged at the beginning of 2022. average exchange rate 1 dollar for 75-80 rubles.