By Eliza Popova
The decrease in the ruble is increased by more than a 20-percent fall in the stock market this year. Investors are actively withdrawing funds from shares, preferring deposits with interest exceeding the base rate of the central bank, set at 21%. This situation increases inflation, which is likely to exceed the forecasts of the regulator. This is contrary to the tough measures of monetary policy pursued by the Central Bank, whose basic rate has reached a record level since 2003.
Analysts expect that by the end of the year the ruble can reach 115-120 per dollar. Some of them urge the government and the Central Bank to take measures such as an increase in the volume of compulsory sales of foreign exchange earnings with exporters and reducing public currency procurement. The situation of the ruble worsened against the background of new sanctions against the Russian financial sector, which complicated foreign trade calculations, especially for oil and gas.
This, according to experts, led to a lack of foreign currency in the domestic market. Most major Russian banks are currently under US sanctions and therefore cannot conduct banking transactions in dollars, and the only option for currency trading for them remains the importation of a large amount of cash. He last reached this level in mid -March 2022. As of 15:45 the dollar reached 114. 5 rubles, the euro - 120. 6 rubles.
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