The russian exchange rate has continued to suffer a serious setback as a result of sanctions imposed by western countries and the recent decline in international oil prices. Yesterday, the russian ruble was retrenched against the main currency. The population of moscow has already felt the pressure of rising prices。
At 2:20 p. M. Local time, the russian rouble-to-dollar exchange rate fell to 41. 58 rubles per dollar, and the euro-to-euro exchange rate continued to fall to 52. 58 rubles per euro, reaching a record low. According to statistics, the exchange rate of the rouble has declined significantly by almost 20 per cent since this year. Under russia’s current exchange-rate system, the central bank in moscow will have to contribute $350 million, or approximately rmb 2. 14 billion, to support the ruble exchange rate for each drop of 5 kbis, or 0. 05 rubles。
According to statistics, since this year the russian central bank has invested $50 billion, approximately ci$ 30,595 million. The devaluation of the ruble has increased the speed of currency flows, leading to increased inflation. According to russian economists, inflation in russia could reach 8 to 8. 5 per cent by the end of the year。
Even worse, as a result of sanctions imposed by western countries, russia's largest oil company, the russian oil company, has sought assistance from the russian government to pay a debt of $50 billion, or approximately ci$ 30. 595 billion. This is undoubtedly adding to the already tight russian foreign exchange reserves. According to bloomberg, by the end of the week of 17 october, russian foreign exchange reserves had declined by $7. 9 billion to $44. 38 billion, the largest weekly change since may。
