Contents tagged with ruble

  • Russia’s foreign currency purchases reach record levels

    The Russian Ministry of Finance continues to increase the volume of the operations to buy currency on the market after receiving additional oil and gas income into the budget .

    Between February 7 and March 8, the government will funnel 298.1 billion rubles into currency interventions on the Moscow Exchange, the Finance Ministry reported on Monday.

    The volume of currency purchases has increased by as much as 18% compared to January, and will be an all-time record for the operations which began …

  • China shows no desire to trade with Russia for rubles

    The idea of abandoning the dollar for external trade with BRICS countries, actively proposed by the Russian government since it fell under sanctions from the West, still remains unrealizable.

    Despite three years of negotiations with the central banks of the provisional bloc and the making of direct currency swap agreements, exporting companies in China and India still show no desire to transition to payment in rubles, according to a Central Bank statistic on the currency structure of foreign …

  • Ukraine will not completely abandon Russian ruble

    There are no grounds for refusing to circulate the Russian ruble in Ukraine, stated Oleh Churiy, Deputy Chairman of the National Bank of Ukraine (NBU).

    "A few weeks ago, the NBU forbade exchange offices of authorized banks to accept Russian rubles with images of Ukrainian territories [ that are not controlled by Ukraine due to Russia’s aggression]... At present, we do not have any plans to further ban the circulation of cash Russian rubles on the territory of Ukraine," Churiy said at a …

  • The National Bank of Ukraine banned new Russian banknotes with images of Crimea

    The National Bank of Ukraine (NBU) has forbidden banks, their branches, and offices to conduct operations with banknotes and coins issued by the Russian Central Bank, which depict objects located on the annexed territory, as reported on the NBU website.

    The ban applies to the monetary units of the Russian Federation with maps, symbols, buildings, monuments, archeological monuments, architecture, history, landscapes and any other objects located on the territory of Ukraine occupied by Russia; …

  • Russian analyst: The ruble will continue to fall

    The payment of the mineral extraction tax in Russia was completed, and at the same time the ruble stopped gaining strength, which again turned out to be “in the hands of geopolitics and oil quotations,” stated analyst for the eToro investor social network in Russia and the CIS, Mikhail Mashchenko.

    As of 17:46 Moscow time, the dollar rate calculation for “tomorrow” added 16 cents to the previous close and reached 58.9325 rubles. At the same time, the rate of the euro rose almost 81 kopecks to 66 …

  • Belarus will exclude Russian rubles from gold and forex reserves

    Starting on July 1, 2017, the National Bank of the Republic of Belarus (NBRB) will no longer use the national methodology for calculating the amount of its international reserves where the foreign currency reserve assets included assets in Russian rubles, as stated in a message published on the bank's website.

    After that date, the NBRB will use only the International Monetary Fund (IMF) standard, which does not consider the Russian ruble as a reserve currency.

    As of June 1, 2017, the NBRB's …

  • Media: Hedge funds continue to dump Russian rubles

    American hedge funds are continuing to get rid of investments in rubles, while, at the same time, the price of the Russian currency stays in one place, ignoring the drop in oil prices.

    One week before May 30, major traders at the Chicago exchange reduced bets on the ruble’s growth by 3% on the futures market, web site reports.

    The number of open contracts on the ruble has been decreasing for five consecutive weeks. Such a prolonged sell-off was last observed on the market in …

  • Russia experts expect decline in ruble and price of oil after meeting in Doha

    Russian experts believe that the negotiations in Doha will result in a fuel price slump and the depreciation of the ruble as participants have yet to agree on an oil production freeze, as reported by RBC.

    "In the short-term for sure, we will see a decrease in oil prices, it was 43 dollars per barrel over the weekend. Of course, it will go down, how much exactly, I can't say, but it is obvious," says the former Deputy Minister of Finance of the Russian Federation, Oleg Vyugin.

    According to an …

  • Leading Russian Bankers Hold Emergency Meeting to Discuss Ruble Devaluation

    Bankers have asked the Central Bank of Russia to introduce a fixed preferential exchange rate for the Ruble; however, the regulator has refrained from doing so for now.The collapse of the Russian currency was the main reason for holding an emergency meeting of the representatives of the Russian Central Bank and leading bankers of the country on Thursday, January 21st. The importance of the meeting is evident as the Chairman of the Bank of Russia, Elvira Nabiullina, cancelled her trip to the …

  • Deputy Chair of Duma's Economic Committee Proposes Fixed Exchange Rate

    The Deputy Chair of the Economic Committee of the Russian Duma, Sergey Kalashnikov, told RIA Novosti that the Russian Central Bank has to cancel the convertibility of the Ruble and set a fixed exchange rate in relation to the dollar and main reserve currencies. The preferable rate would be 40 rubles per dollar.

    According to Kalashnikov, if the exchange rate is fixed, a black market in currency exchange would inevitably emerge in the country. However, that would not be as harmful to the …