Friday, October 24, 2014
 
Follow sptimesonline on Facebook Follow sptimesonline on Twitter Follow sptimesonline on RSS Download APP
MOST READ



PARTNER NEWS



BLOGS



OPINION



WHERE TO GO?

19th Century Portraits

History of St. Petersburg Museum: Rumyantsev Mansion

 

  Print this article Print this article

Central Bank Defends Ruble

Published: May 7, 2014 (Issue # 1809)



  • Despite the billions of dollars spent by the Central Bank defending the ruble, its value reached historic lows in March.
    Photo: Yevgeny Stetsko / Fotoimedia

TheCentral Bank threw $2.4 billion intoshoring up theruble inApril, nine times less than the$22.3 billion it spent tosupport theRussian currency inMarch.

Thebank also spent 248 million euros defending thecurrency, down fromnearly 2.3 billion euros inthe previous month, according todata published onthe banks website.

Since thebeginning ofthe year, theruble has plummeted 9 percent against thedollar, despite anongoing rearguard action bythe Central Bank, which has funneled nearly $40 billion intodefending theruble.

OnMonday, theCentral Banks exchange rate was 35.7 rubles against thedollar.

Atthe root ofthe rubles decline are asharp economic slowdown inRussia anda huge increase incapital outflow, but thecrisis inUkraine has piled extra pressure onto thecurrency.

Theruble reached historical lows onMarch 18, two days after areferendum inCrimea yielded alandslide result infavor ofuniting theterritory with Russia inthe teeth ofresistance fromWestern nations.

Aprils currency interventions bythe Central Bank are thesmallest since October last year, when thebank sold $1.65 billion and133 million euros.





 


ALL ABOUT TOWN

Friday, Oct. 24


SPIBAs ongoing Breakfast with the Director series continues today, featuring Tomas Hajek, Managing Director of the Northwest Division at Danone Russia. Hajek will be discussing collaborations between businesses from different cultures. The meeting is at 9 a.m. at the Domina Prestige St. Petersburg hotel and all who wish to attend must confirm their participation by Oct. 23.


Get your gong on at Sounds of the Universe, a concert at the city planetarium this evening incorporating six different gongs to create relaxing songs that will transport you upwards into the stratosphere. Tickets are 700 rubles ($17).



Saturday, Oct. 25


AVA Expo, the eighth edition of the event revolving around all things pop culture, returns to Lenexpo this weekend. Geeks, nerds, dweebs and dorks will have their chance to talk science fiction and explore a variety of international pop culture. Tickets for the event can be purchased on their website at avaexpo.ru.



Sunday, Oct. 26


Zenit St. Petersburg returns home for the first time in nearly a month as they host Mordovia Saransk in a Russian Premier League game. Currently at the top of the league thanks to their undefeated start to the season, the northern club hopes to extend the gap between them and second-place CSKA Moscow and win the title for the first time in three years. Tickets are available at the stadium box office or on the clubs website.



Monday, Oct. 27


Today marks the end of the art exhibit Neophobia at the Erarta Museum. Artists Alexey Semichov and Andrei Kuzmin took a neo-modernist approach to represent the array of fears that are ever-present throughout our lives. Tickets are 200 rubles ($4.90).



Tuesday, Oct. 28


The Domina Prestige St. Petersburg hotel plays host to SPIBAs Marketing and Communications Committees round table discussion on Government Relations Practices in Russia this morning. The discussion starts at 9:30 a.m. and participation must be confirmed by Oct. 24.



Times Talk