The Moscow Stock Exchange recently witnessed a dramatic rise in Russia’s currency against its US and European counterparts, reaching levels first in nearly 7 years.
During today’s trading period, the dollar is trading at the level of 66.70 rubles, and the euro is trading at the level of 71 rubles, and for comparison just two days ago, a dollar is at the level of less than 56 rubles of Russians, while the euro is below the level of 58 rubles.
As for the reasons for the collapse of Russia’s currency today, experts point to several factors, among them the sudden reduction of the main interest rate of the Central Bank of Russia yesterday by 3% to 11% per annum.
Experts also noticed a decrease in demand for the ruble due to the end of the tax period in Russia and the reduction by the Russian authorities in the amount of export earnings that must be sold by exporting companies. on the Moscow Stock Exchange. .
And this week, Russian President Vladimir Putin signed a decree reducing the share of compulsory sale of foreign exchange earnings to Russian exporters from 80% to 50%.
Experts predict that the ruble exchange rate will reach the level of 65 rubles-70 rubles in two weeks, which will support the income of the budget of Russia and export companies in Russia.
Source: RT + RIA Novosti
Source: Arabic RT
