Top Investment Manager Reveals the Truth Behind the Recent Rouble Fall in Russia
By Gleb Bryanski
Are you aware of the new rule in Russia that prohibits mentioning the war in relation to the rouble? The recent 9% fall of the rouble against the U.S. dollar has left many puzzled, especially after Ukraine's surprise attack on the Kursk region. But what is really causing this decline?
Currency traders have noticed that foreign banks are the main sellers of the Russian currency, leading to a 10-month low against the dollar and the lowest level against the yuan since June 24. While state banks blame U.S. sanctions and reduced currency sales by exporters, the Russian central bank remains silent on the matter.
Despite the silence, leading Russian business media and state outlets are avoiding linking the rouble's fall to the recent events. This push to prevent bad economic news from reaching the public highlights Russia's efforts to present its economy as strong and self-sufficient amidst Western sanctions.
Finance Minister Anton Siluanov emphasized the importance of building a financial shield to deflect any external pressure on the economy. As the rouble starts to rebound, analysts debate the cause of the decline, with some dismissing any connection to the Kursk attack.
So, what does this all mean for you? It's crucial to understand the factors influencing the rouble's performance and how it can impact your finances. Stay informed and be prepared for any potential changes in the financial market.