In the foreign exchange market on the 20th, the Russian ruble rose against the dollar, hitting the highest price since July 2015. The Central Bank of Russia is worried that the high ruble will undermine the country’s export competitiveness and the government’s finances.
The ruble rose 1.7% to $ 1 = 55.44 rubles, increasing the year-to-date rate of increase to 35%. This increase is the largest exchange rate in the world tracked by Bloomberg. The central bank of Russia has lowered the policy rate by a total of 10.5 points and relaxed the capital restrictions introduced in response to Western sanctions, but the ruble is still rising.
First Deputy Prime Minister Belousov said there was debate between authorities on measures to set targets for the ruble rate and prioritize economic growth. According to him, $ 1 = 70-80 rubles is the “optimal” level for economic growth.
However, analysts point out that the authorities have no effective means of influencing the ruble market. It is politically impossible to allow foreigners to sell Russian assets, said Dmitry Poleboy, economist at Rocco Bank.
news-rsf-original-reference paywall">Original title:
news-rsf-original-reference paywall">Ruble Soars to Seven-Year High in Challenge to Bank of Russia（抜粋）
