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Ruble Continues Fall, Lowest Level Since 2009

Published: January 28, 2014 (Issue # 1794)



  • A ruble exchange office sign displaying dollar and euro rates on Monday.
    Photo: Igor Tabakov / SPT

The ruble continued its fall in Monday morning trading, reaching a historic low of 47.5 rubles to the euro.

The currency is now at its lowest level against the dollar since March 2009, when it plummeted on fears of a deepening recession in the country.

On Friday, the countrys central bank widened the trading corridor against the euro-dollar basket amid a slide in the ruble of over 3.5 percent since the beginning of the year. The new limit was surpassed Monday morning.

Russia measures the rubles performance against a weighted basket of 55 percent dollars and 45 percent euros.

You may also be interested in: Economist Advises Russians to Dump Ruble, Buy Hard Currency

The central bank, which controls the value of the ruble through interventions on the currency market, has repeatedly widened the target trading band for the ruble in recent months.

A weaker ruble means larger profits for Russian exporters and a windfall for the state budget, which is dependent on revenue from commodity exports.

Economic Development Minister Alexei Ulyukayev said Monday that a natural weakening of the ruble could boost the economy by increasing the competitiveness of Russian businesses, but added that he was opposed to an artificial depreciation.

You may also be interested in: Why the Ruble Is Sinking

Experts have suggested that the bank may be forced to modify its methods of maintaining the corridor, but doing so now might prompt a further fall in the currency.

The central bank is planning to move toward a free floating ruble by the end of this year.

The central banks intervention in trading to prop up the ruble has more than doubled in the last week to about $400 million per day.





 


ALL ABOUT TOWN

Wednesday, Oct. 1


The St. Petersburg International Innovation Forum 2014 kicks off today at Lenexpo, where it will be presenting the latest and greatest ideas until Oct. 3. Focusing on economic development and the decisions and measures necessary to encourage development in Russias most important industries, the event is a possibility to discuss the innovations currently available in a variety of fields.


Representatives of the Russian and international media industries arrive in St. Petersburg for the first ever International Media Forum being hosted by the city until Oct. 10. With a variety of events on tap, including workshops, lectures and film screenings, the event plans to reemphasize the citys reputation as the countrys culture capital and as an emerging market and location for the visual arts.



Thursday, Oct. 2


The celebration of the bicentennial of the birth of Mikhail Lermontov continues with todays free exhibition in the citys Lermontov Library at 19 Liteiny Prospekt. Titled Under the Rustling Wings, the temporary exhibition will feature the costumes and scenery used in the 1917 production of Lermontovs play The Masquerade, which he wrote in 1835 when he was only 21 years old.



Friday, Oct. 3


Learn more about how to manage and evaluate employee performance during SPIBAs Human Resources Committee meeting this morning on Employee Assessment: Global and Local Trends. Starting at 9:30 a.m., the discussion will touch on such topics as the partnership between HR and business, reliable assessment strategies and more, with Tatiana Andrianova, the head of the SHL Russia and CIS branch in St. Petersburg, as the featured guest. Confirm your participation by Oct. 2 by emailing office@spiba.ru or calling 325 9091.


AmChams Procurement Committee Meeting is at 9 a.m. this morning in their office in the New St. Isaac Office Center on Ulitsa Yakubovicha.



Saturday, Oct. 4


Wine and cheese lovers will get their chance to revel during Scandinavia Country Club and Spas Wine Market Weekend. Going on today and tomorrow, wining diners can listen to live music, take part in culinary classes and, of course, sample a variety of fine wines from around the world. The cost of admission is 400 rubles ($10.30) for adults and 200 rubles ($5.15) for children.



Sunday, Oct. 5


Look for the latest fall fashions at the Autumn Market today in Freedom Anticafe at 7 Kazanskaya Ulitsa. The minimarket plans to offer clothes more flattering than the puffy jackets that are a staple of the citys cold-weather fashion, while offering the same amount of protection from the biting winds blowing off of the Baltic.



Monday, Oct. 6


SKA St. Petersburg, the citys KHL affiliate, welcomes Slovakian club HC Slovan in a match-up tonight at the Ice Palace near the Prospekt Bolshevikov metro station. The puck drops at 7:30 p.m. and tickets can be purchased on the clubs website or in person at either the arenas box office or the clubs merchandise store on Nevsky Prospekt.



Tuesday, Oct. 7


Learn more about Russias energy industry at the St. Petersburg Energy Forum that begins today and runs through Oct. 10. Attracting industry experts and political and business representatives, the forum plans to welcome more than 350 plus companies and their representatives to discuss the future of Russias largest economic sector.



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