All articles tagged with #foreign currency
Turkey is stepping back from its policy of allowing foreign currency protected savings accounts, as the country faces economic challenges including currency devaluation. The move is part of a broader effort to tighten financial regulations and encourage the use of the Turkish lira.
The Russian ruble fell as much as 3% against the dollar on Monday, hitting its lowest level in 15 months, following the Wagner Group's march on Moscow over the weekend. The mutiny caused Russian demand for foreign currencies to jump to 70%-80% in some regions, with banks cutting their ruble exchange rates to over 100 per dollar. The ruble was also exchanged for tether, a dollar-pegged cryptocurrency, causing trades to rise by almost $15 million on Saturday.
The Russian ruble fell as much as 3% against the dollar, hitting its lowest level in 15 months, following the Wagner Group's march on Moscow this weekend. The mutiny caused Russian demand for foreign currencies to jump to 70%-80% in some regions. During the crisis, Russian banks cut their ruble exchange rates to over 100 per dollar, and the ruble was also exchanged for tether, a dollar-pegged cryptocurrency. While the crisis has de-escalated, doubts about President Vladimir Putin's regime's ability to face down a similar revolt in the future are growing.