Russian Ruble Plummets Amid Economic Strain and War Impact
TL;DR
Russia's Central Bank has announced it will halt foreign currency purchases on the domestic market until the end of 2024 to curb financial market volatility as the ruble hits its lowest levels since the 2022 invasion of Ukraine. The ruble's devaluation, trading as low as 113 to the dollar, is expected to increase inflation, potentially adding 1.5 percentage points to the current rate of 8.5%. The Bank will continue selling foreign currency through its sovereign wealth fund, planning daily sales equivalent to 8.4 billion rubles in the latter half of 2024.
- Russian Central Bank Halts Currency Buying Until 2025 as Ruble Slides The Moscow Times
- Russian Ruble Collapses As Putin's Economy in Trouble Newsweek
- Russia’s rouble plunges to lowest rate since early weeks of Ukraine war The Guardian
- Russian rouble drops to lowest level against the dollar in 32 months Al Jazeera English
- Ruble tumbles as Russia’s war economy comes under increasing strain POLITICO Europe
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