Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Markets Currencies

Despite interest rate cuts, Russian ruble holds steady against the dollar

The ruble eased this week after the central bank scrapped a 12% commission for buying foreign currency.

Ubah Jeremiah Ifeanyi by Ubah Jeremiah Ifeanyi
April 13, 2022
in Currencies
Despite interest rate cuts, Russian ruble holds steady against the dollar
Share on FacebookShare on TwitterShare on Linkedin

Despite the interest rate cut intended to moderate the Russian ruble’s bullish momentum, the Russian currency has stabilized around the 80 dollar mark today.

At the time of writing, the rouble was little changed at 82 against the dollar, after rallying to 71 last week, which was its strongest since November 11, 2021.

The Russian central bank announced a reduction in the main rate from 20% to 17%. The Bank of Russia stated that the ruble’s rebound from steep losses in the days after the invasion on February 24 had reduced the likelihood of dramatically higher inflation.

RelatedPosts

Official exchange rate (NAFEX) falls to lowest level year-to-date

Ghanaian cedi has lost 22% against the US dollar since the start of 2022

What you should know

  • The ruble has recovered to 82 to the dollar as of April 11, nearly where it was before the invasion of Ukraine, after dropping to a record low of 136 to the dollar on March 10, 2022.
  • This is owing to harsh limitations imposed by the Russian Central Bank, including requiring exporters to convert 80% of their dollar revenues into rubles, prohibiting people from taking more than $10,000 out of the country, and imposing a 12% tax on dollar transactions.
  • The ruble eased this week after the central bank scrapped a 12% commission for buying foreign currency through brokerages and promised to lift a temporary ban on selling foreign exchange cash to individuals from April 18.
  • However, export-oriented enterprises that are required to convert 80 percent of their currency revenues on the domestic market continue to support the rouble.
  • While some nations, such as the United States, the United Kingdom, and Lithuania, have indicated that they will no longer buy Russian oil and gas, the European Union cannot afford to take such a step until alternative fuel infrastructure is in place. China and India are still major purchasers of Russian oil.
  • Furthermore, any reduction in sales volume owing to sanctions has been more than an offset by a 60 percent increase in oil prices.

Related

Tags: DollarRussian rouble

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Hot forex
Cornerstone
Mega Millions
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB
Ikeja Electrics




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Buhari approves reappointment of Patience Oniha as DG of Debt Management Office
    • Bullish Nigerian Exchange gains N5.64 trillion in HY’2022
    • MTN Nigeria appoints Onyinye Ikenna-Emeka as General Manager, Fixed Broadband

    Follow us on social media:

    Recent News

    Buhari approves reappointment of Patience Oniha as DG of Debt Management Office

    Buhari approves reappointment of Patience Oniha as DG of Debt Management Office

    June 30, 2022
    Bulls stage a comeback at Nigerian stock market

    Bullish Nigerian Exchange gains N5.64 trillion in HY’2022

    June 30, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com