Breaking News
June 12, 2025 - Liverpool Pursuing Alexander Isak: Latest Transfer Rumors June 11, 2025 - Challenges Ahead for Amtrak's Northeast Corridor with 2026 World Cup Hosting June 11, 2025 - Inter Miami's Strategy for Success: Resting Messi for Key Competitions June 11, 2025 - Sporting CP Demands Over €70m for Viktor Gyökeres Amid Man United Interest June 11, 2025 - Concacaf Gold Cup 2025: Team Previews and Key Players to Watch June 11, 2025 - Emma Raducanu and Katie Boulter Eliminated by Top Seeds at Queen's Club 2025 June 11, 2025 - Manchester City Signs Tijjani Reijnders from AC Milan to Enhance Midfield June 11, 2025 - USMNT Struggles Continue with 4-0 Loss to Switzerland Ahead of Gold Cup June 11, 2025 - United States vs. Switzerland: Live Coverage of International Friendly on ESPN June 11, 2025 - Liverpool Close to Signing Florian Wirtz from Bayer Leverkusen
  • HotRecentNews.com
  • World
  • Politics
  • Sports
  • Entertainment
  • Science
  • Technology
  • Health
HotRecentNews.com
Menu
  • World

  • Politics

  • Sports

  • Entertainment

  • Science

  • Technology

  • Health

Home / World / Russian Central Bank Intervenes After Sharp Drop in Ruble's Value

Russian Central Bank Intervenes After Sharp Drop in Ruble's Value

Russian Central Bank Intervenes After Sharp Drop in Ruble's Value
No Comments 14
Facebook X
World November 27, 2024 23:50

amsterdam - The Russian currency is plunging in value, prompting the central bank of Russia to take action after a sharp decline in the ruble against the euro and dollar.

One of Russia's largest financial institutions, Gazprombank, is among those affected by the depreciation. The exchange rate now stands at over 113 rubles for one US dollar, compared to around 97 rubles earlier this month.

The euro has also seen an increase in value against the ruble.

While a weaker ruble may temporarily boost Russia's export revenues when denominated in rubles, it also fuels the already rising inflation. This comes at a time when Moscow has ramped up its state expenditures for the conflict in Ukraine.

To curb inflation, the central bank raised its key interest rate to 21% last month, with expectations of further increases in December.

In response to the ruble's decline, the Central Bank of Russia announced emergency measures. The drop in value is attributed to concerns over the escalation of the conflict in Ukraine and heightened pressure from new Western sanctions.

Starting Thursday until the end of the year, the central bank will refrain from purchasing foreign currencies in the domestic exchange market. This strategy aims to reduce the circulation of rubles, thereby supporting the currency's value.

Russian Finance Minister Anton Siluanov downplayed worries about the sharp depreciation, stating that the current exchange rate favors exports despite its volatility.

NEW TikTok Removes #SkinnyTok Worldwide After Pressure from Brussels and Paris

Leave a comment Cancel

reload

Trending Now

  • Today
  • Yesterday
  • Month
  • Comments
  • 1

    Marseille Agrees Transfer Deal for England Midfielder Angel Gomes

    June 12, 2025
  • 2

    Trent Alexander-Arnold to Join Real Madrid: Presentation Set for Thursday

    June 12, 2025
  • 3

    Liverpool Pursuing Newcastle's Isak Amid Transfer Rumors

    June 12, 2025
  • 4

    Trent Alexander-Arnold Unveiled as Real Madrid Player: Live Updates

    June 12, 2025
  • 5

    Trent Alexander-Arnold Unveiled as Real Madrid Player

    June 12, 2025
  • 1

    2026 World Cup Countdown: Messi vs. Ronaldo, New Stars, and U.S. Prospects

    June 11, 2025
  • 2

    Aston Villa Target Man United's Garnacho in Transfer Rumors

    June 11, 2025
  • 3

    Jorge Campos' Iconic '90s Goalkeeper Kits: The Story Behind the Designs

    June 11, 2025
  • 4

    Concacaf Gold Cup Teams: Key Players and Storylines

    June 11, 2025
  • 5

    EA Sports FC 25 Title Update No. 15 Introduces Gameplay Improvements

    June 11, 2025
  • 1

    Former Putin Advisor Accidentally Reveals Russian Military Losses in Ukraine War

    May 22, 2025
  • 2

    Gigantic 'Bird-Like Object' Spotted Near the Sun by Russian Astronomers

    May 26, 2025
  • 3

    Ukraine's Operation Spiderweb Strikes Russian Air Bases, Tensions Rise

    June 2, 2025
  • 4

    Polish Paradox: New President Karol Nawrocki's Eurosceptic Stance Challenges Brussels

    June 2, 2025
  • 5

    Spain Defeats France in Thrilling 9-Goal Match to Advance to Nations League Final

    June 5, 2025
Hot Recent News
The HOTRECENTNEWS.com is not responsible for the content of external sites.

SEARCH

  • World News

Back to Top