2023-11-09 21:20:29
Increased sales of foreign currency by Russia’s largest exporters helped significantly strengthen the ruble’s growth in October. The amount reached $12.5 billion compared to $9.2 billion in September. This is stated in the “Review of Financial Market Risks” of the Bank of Russia.
“The ruble strengthened in October. A significant strengthening of the national currency was facilitated by an increase in sales of foreign currency earnings of exporters – in October to 12.5 billion dollars against 9.2 billion in September,” RIA Novosti writes with reference to the review.
Central Bank experts note that the strengthening of the ruble was facilitated by the Central Bank raising the key rate to 15%. This led to curbing demand for ruble loans and increasing the attractiveness of savings in the national currency.
At the end of October the ruble strengthened after the Central Bank raised the key rate to 15%. Then the dollar exchange rate on the stock exchange was below 93 rubles, and the euro below 98 rubles, the Moscow Exchange said. The head of the Central Bank, Elvira Nabiullina, said in the State Duma that it is necessary to reduce the key rate on the basis of low inflation, otherwise it will be impossible to attract “long-term” money into the economy. This is reported by RT.
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