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

Russian ruble emerges stronger 3 months into the Russian-Ukraine war

...the ruble is currently trading at 74.49 rubles per dollar.

Ubah Jeremiah Ifeanyi by Ubah Jeremiah Ifeanyi
April 25, 2022
in Currencies
Despite interest rate cuts, Russian ruble holds steady against the dollar
Share on FacebookShare on TwitterShare on Linkedin

On Sunday, Russia entered the third month of its invasion of Ukraine, with no sign of an end in sight. Despite severe pushback in the shape of the toughest economic sanctions ever imposed on a country, the ruble, the Russian currency, appears to be strengthening.

What’s become evident is that, despite an enormously broad package of sanctions on Russia’s government and oligarchs, as well as an exodus of foreign enterprises, the moves are mostly ineffectual if foreign nationals continue to consume Russian oil and natural gas, which supports the ruble.

On Feb. 24, the first day of the invasion, the ruble traded at 81 rubles per dollar. At the time of writing this article, the ruble is currently trading at 74.49 rubles per dollar. This figure comes after Russia’s central bank cut back on its hawkish stance by reducing its interest rate.

RelatedPosts

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

Exchange rate appreciates at I&E window as forex supply rises to 3-week high 

Read: Russians hold $130 billion in crypto

What you should know

  • The Russian Central Bank (RCB) slammed the brakes on its hawkish stance at the beginning of April with an unannounced interest rate cut.
  • In a press release, Russia’s Central Bank announced lowering the key rate from 20% to 17%. The Bank of Russia said the ruble’s recovery from severe losses in the days following the February 24 invasion had decreased the risk of sharply higher inflation.
  • Russian lawmakers recently passed a tax code modification that they claim will make it easier for international corporations to register bank accounts in Russia and pay for Russian gas and other goods in roubles.

Read: How Putin is struggling to defend the Russian currency

  • Last month, Russian President, Vladimir Putin enacted a law requiring international gas buyers to pay in roubles or face having their supplies shut off. He claimed that this was necessary because if they paid in hard currency, Moscow would be unable to access the funds due to Western sanctions over Ukraine.
  • In effect, foreign gas customers must open ruble and hard currency accounts with Gazprombank, which will collect their payments in foreign currencies and convert them to rubles through auctions on a Moscow exchange.

Read: Bitcoin slams $44k as Russia considers selling its oil and gas in crypto

  • The UK imposed sanctions on Gazprombank last month, giving counterparties until April 23 to wind down their activities with the lender, which is one of Russia’s main payment conduits for oil and gas.
  • However, Nairmetrics reported that the UK has extended the deadline for paying Russian Gazprombank and its subsidiaries for gas delivered to European Union countries until the end of May.

Related

Tags: RCBRussia RublesRussian Central BankUkraine CrisisVladimir Putin

Comments 1

  1. Steven Conn says:
    April 25, 2022 at 5:39 pm

    A pile of Western “analyses” on how Putin and Russia are “failing” has crowded the web as compromised outlets (VOA, RFE/RL, Reuters, Bloomberg, WaPo, NYT) sang in unison. But reality is different. Demand for rubles is up as not only natural gas but a growing list of key commodities are being paid for in rubles and yuans. Western establishments doom and gloom predictions were meant to depict sanctions as effective (at what?) and Biden and co as competent. Sanctions weren’t effective in 2014-2015 under Obama, and they are only further feeding preexisting inflation in the West.

    Reply

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

    • Corporate actions for the week ending June 28
    • Harmony Network Hacker Moves $21 Million of Stolen Funds to Tornado Cash
    • Leadway Pensure projects to sustain double-digit returns on Funds by 2022 year-end

    Follow us on social media:

    Recent News

    Corporate Actions - Nigerian Stock Exchange - NSE

    Corporate actions for the week ending June 28

    June 28, 2022
    Harmony Network Hacker Moves $21 Million of Stolen Funds to Tornado Cash

    Harmony Network Hacker Moves $21 Million of Stolen Funds to Tornado Cash

    June 28, 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