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Central Bank Tested as Ruble Falls to Record Lows

Published: February 20, 2014 (Issue # 1798)



  • The ruble has been one of the fastest fallers amid 2014 emerging market currency declines.
    Photo: Andrei Makhonin / Vedomosti

The Russian ruble continued to slide Wednesday, reaching a historic minimum against the euro as its fall brought the central bank close to the point where it would be committed to unlimited interventions to prop up the currency.

The euro climbed to more than 49 rubles Wednesday, while the dollar rose to 35.76 rubles, its highest level against the ruble since March 2009, according to data from the Moscow Exchange.

Related: Why the Ruble Is Sinking

The value of the euro-dollar basket, the benchmark used by the central bank, reached 41.8 rubles in afternoon trading, close to the upper limit of the ruble corridor set by the regulator.

If the ruble strays outside of the corridor, the central bank has said it will conduct unlimited interventions to bring the currency back within its target range.

The ruble has been one of the fastest fallers amid 2014 emerging market currency declines. This year alone the Russian currency has lost over 6 percent of its value against the euro-dollar basket.

Related: Economist Advises Russians to Dump Ruble, Buy Hard Currency

Russian officials have denied that the authorities are deliberately allowing the ruble to weaken in order to raise export revenue and stimulate the country’s flagging economy.

Unlike central banks in other emerging markets, the Russian regulator has not raised rates in an attempt to stem the ruble’s slide.

In an apparent attempt to balance the dual challenges of stubbornly high inflation and stagnant economic growth, the central bank kept interest rates on hold following its policy meeting last week.





 


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Thursday, Apr. 24


Learn more about Denmark during the Danish Business Delegation’s visit to SPIBA this evening starting at 5:30 p.m. at the Danish Culture Institute. Danish Consul general Klaus Sorensen will be in attendance and the buffet following a presentation on Danish companies in Russia will be the perfect opportunity to network with the assembled businessmen.


AmCham’s Human Resources Committee Meeting is scheduled for 9 a.m. this morning in their St. Petersburg office. Check their website for more details.



Friday, Apr. 25


Light Music presents the main events for their Cultural Kitchen project at Loft-Project Etagi today. A B2B event that focuses on Finnish food, arts, travel, music and design, the evening will conclude with a dinner by chef Jyrki Tsutsunen and dancing to music by Aino Venna. The event, which began yesterday with presentations by tourism and cultural institutions, concludes today with a preview of Finland’s Flow festival and other musical events. Invitations are available from www.culturalkitchen.fi.



Saturday, Apr. 26


At 6 p.m. this evening, stylist Liliana Modigliani offers 50 simple ways to up your style quotient with beauty tips at the Galeria shopping center on Ligovsky Prospekt. The event is part of the final day of the shopping mall’s Fashion Saturday sales event, this week focusing on top brands located on the ground floor as well as presentation from fashion experts on sprucing up your spring look.



Sunday, Apr. 27


Families shouldn’t miss Childhood Planet 2014, the trade fair that started yesterday and concludes today at LenExpo. Not only will goods and services be provided for children and families but the event hopes to promote Russian brands and eco-friendly products using the latest technology available in the childcare industry.



Monday, Apr. 28


The Hotel Indigo will be the site of SPIBA’s Acting Skills for HR and Other Managers master class this morning starting at 9 a.m. The event will begin with coffee before moving on to the class itself and conclude with a tour of the recently opened hotel. Confirm attendance by Apr. 24.



Tuesday, Apr. 29


Improve your English at the British Book Center’s Interactive English Lesson tonight at 6 p.m. Students at pre-intermediate and intermediate levels are welcome discuss topics that are selected to help learners master the more difficult aspects of English grammar and vocabulary.