Contents tagged with Russian Central Bank

  • Russian Central Bank communication system fails after Kremlin attempts to shut down Google services

    The Russian Central Bank experienced a failure of its electronic systems a few days after the Russian media watchdog, Roskomnadzor, stepped up efforts to block VPNs and attempted to limit the work of a number of Google services.

    Communication channels through which Russian banks interact with the Central Bank became unstable on Monday, September 13, Interfax reports, with reference to the press service of the Russian Central Bank.

    On Tuesday, the problems persisted and created difficulties …

  • Head of Russian national rating agency fired for pessimistic views

    Yekaterina Trofimova will be stepping down from her position as the head of ACRA, the largest national rating agency in Russia that was founded by the Central Bank in 2015.

    The dismissal of Trofimova, who has headed ACRA since its creation, was announced by Karl Johansson, chairman of the company’s board of directors.

    The news was confirmed by two sources familiar with the situation.

    Intended as a replacement for international ratings agencies, which dropped Russia’s rating to “junk status” …

  • Russian ruble wiped out by capital outflow

    The Russian currency market continues to sink due to the risk of sanctions and the outflow of foreign capital, reports.

    After gaining 2.05 rubles on Wednesday, 1.11 on Thursday, the US dollar gained a further 1.24 rubles during trade on Friday, reaching 67.8975 rubles, the highest since April 18, 2016. The euro appreciated by 48 kopeks for the day and 3.11 rubles since the start of the week, updating its 4-month high to 77.43 rubles.

    There is a growing lack of foreign currency in …

  • 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 …