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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

Saturday, Nov. 1


The men and women who dedicate their lives to fitness get their chance to compete for the title of best body in Russia at todays Grand Prix Fitness House PRO, the nations premier bodybuilding competition. Not only will men and women be competing for thousands of dollars in prizes and a trip to represent their nation at Mr. Olympia but sporting goods and nutritional supplements will also be available for sale. Learn more about the culture of the Indian subcontinent during Diwali, the annual festival of lights that will be celebrated in St. Petersburg this weekend at the Culture Palace on Tambovskaya Ul. For 100 rubles ($2.40), festival-goers listen to Indian music, try on traditional Indian outfits and sample dishes highlighting the culinary diversity of the billion-plus people in the South Asian superpower.



Sunday, Nov. 2


Check out the latest video and interactive games at the Gaming Festival at the Mayakovsky Library ending today. Meet with the developers of the popular and learn more about their work, or learn how to play one of their creations with the opportunity to ask the creators themselves about the exact rules.



Monday, Nov. 3


Non-athletes can get feed their need for competition without breaking a sweat at the Rock-Paper-Scissors tournament this evening at the Cube Bar at Lomonosova 1. Referees will judge the validity of each matchup award points to winners while the citys elite fight for the chance to be called the best of the best. Those hoping to play must arrange a team beforehand and pay 200 rubles ($4.80) to enter.



Tuesday, Nov. 4


Attend the premiere of Canadian director Xavier Dolans latest film Mommy at the Avrora theater this evening. The fifth picture from the 25-year-old, it is the story of an unruly teenager but the most alluring (or unappealing) aspect is the way the film was shot: in a 1:1 format that is more reminiscent of Instagram videos than cinematic art. Tickets cost 400 rubles ($9.60) and snacks and drinks will be available.



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