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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

Sunday, Nov. 23


Get in the holiday spirit at todays Winter Bazzar at the Astoria Hotel. Featuring gifts from around the world such as French eclairs, Dutch cheeses and Indian jewelry, the annual event organized by the International Womens Club will feature 18 international stands and raise money for charity through the sales of a diversity of products that further illustrate the citys international connections.



Monday, Nov. 24


Dr. Axel Schulte, Department Head at Fraunhofer Institute for Material Flow and Logistics in Dortmund, Germany, is the featured speaker at the SPIBA Industrial Committee lecture on The Fourth Industrial Revolution: Digitalization of the Supply Chain. The event begins at 4 p.m. at the Graduate School of Management at 3 Volkohvsky Pereulok and registration is required by Nov. 21 either by emailing office@spiba.ru or calling 325 9091.



Tuesday, Nov. 25


Tag along with AmCham during their Industrial St. Petersburg Tour program today. This incarnation of the ongoing series will visit Philip Morris Izhora and include an Environmental Health and Safety Committee meeting.


Find out how to expand your business east during the Business With China forum beginning today and concluding tomorrow at the Lenexpo convention center. The largest Russian forum dedicated to business with the Asian giant, topics that will be discussed include logistics, customs clearance, trade financing and many more.



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