{"id":13524,"date":"2024-11-28T20:50:49","date_gmt":"2024-11-28T20:50:49","guid":{"rendered":"https:\/\/topat10.com\/?p=13524"},"modified":"2024-11-28T20:50:49","modified_gmt":"2024-11-28T20:50:49","slug":"russian-central-bank-takes-desperate-stand-to-halt-collapsing-ruble-and-fierce-inflation","status":"publish","type":"post","link":"https:\/\/topat10.com\/?p=13524","title":{"rendered":"Russian central bank takes desperate stand to halt collapsing ruble and fierce inflation"},"content":{"rendered":"\n

In a bid to stave off red-hot inflation, Russia\u2019s central bank halted all foreign currency purchases for the remainder of the year, while actively selling Chinese yuan, in hopes of propping up the ruble. The ruble\u2014currently worth a fraction of a penny\u2014hit lows on Wednesday not seen since the start of the Ukraine war.<\/p>\n

\n

The aim is to put a floor underneath the ruble and clamp down on further price pressure leaking into the country through the rising cost of imported goods. The Russian economy is also suffering from a lack of foreign investment caused by Western government sanctions that ban companies from doing business with Russia. With most Russian financial institutions now cut off from trading in dollars, this starves the country of a steady supply of U.S. currency reserves.<\/p>\n

\u201cThis decision is aimed at reducing volatility in financial markets,\u201d the Bank of Russia said on\u00a0Wednesday<\/a>.<\/p>\n

Official inflation rates hit a year-on-year peak above 9% percent in August<\/a>, and continue to remain elevated. Russian political scientist Kirill Rogov believes these figures are likely understating the problem and actual rates could be materially higher<\/a>, citing data from Raiffeisen Bank analysts<\/a> and market research firm ROMIR<\/a>.<\/p>\n

The central bank\u2019s announcement came one week after the U.S. government\u00a0imposed<\/a>\u00a0fresh economic sanctions against Gazprombank. The bank had previously been exempt, since it plays a vital role enabling the export of natural gas to a handful of American allies in Europe by processing cross-border payments. \u00a0<\/p>\n

On Wednesday, the ruble consequently fell below the rate of 114 to a dollar, the lowest level since early March 2022. The Moscow daily\u00a0Rossiyskaya Gazeta<\/em>\u00a0called<\/a>\u00a0it a \u201cpanic attack for Russia\u2019s currency market.\u201d\u00a0<\/p>\n

Finance minister Anton Siluanov argued the plunge will benefit exporters, whose goods are suddenly much cheaper for foreigners to buy. But the risk is a weak ruble will only end up importing inflation from abroad by driving up prices of imported foreign goods.\u00a0<\/p>\n

Russia hikes interest rates to highs not seen in 20 years<\/h2>\n

Inflation began ramping up in Russia after president Vladimir Putin directed\u00a0hundreds of thousands<\/a>\u00a0of working age men to fight in Ukraine and marshalled Russia\u2019s industry to support its military objectives. With fewer workers available, wages in the civilian economy rose sharply. Rising labour prices were quickly passed on to consumers as supply struggled to meet domestic demand.<\/p>\n

\u201cNever before has unemployment been as low as 2.4%,\u201d central bank governor Elvira Nabiullina told lawmakers at the Russian Duma\u00a0earlier this month<\/a>. \u201cWe are now in unprecedented territory, when almost all production facilities are working at full capacity.\u201d<\/p>\n

Consumer prices are soaring. The price of a staples like potatoes\u00a0nearly doubled<\/a>\u00a0since last December. Butter is now so expensive stores have locked away supplies to\u00a0prevent theft<\/a>. Mortgage loans also\u00a0soared<\/a>\u00a0after the government ceased in July providing generous subsidies to purchase an apartment or house.<\/p>\n

\u201cInflation has been stubbornly high for a fourth consecutive year,\u201d Nabiullina told legislators, adding \u201calmost everything is getting more expensive: raw materials, components, logistics, equipment, labor.\u201d<\/p>\n

Her institution\u2019s response to these pressures has been to hike the prime interest rate by two full percentage points to 21% in October,\u00a0a level not seen since 2003<\/a>.\u00a0<\/p>\n

Nevertheless this hasn\u2019t been nearly enough to cool off inflation nor stop the steady decline of the ruble. This has prompted Russian business daily RBK to advocate<\/a> on Wednesday that benchmark rates rise to an eye-watering level between 30%-40% in order to prop up the currency\u2014even if this risked a slowdown in growth.<\/p>\n

Medicine of high rates more harmful than the disease of inflation<\/h2>\n

Not everyone agrees. Severstal chairman Alexey Mordashov, a supplier of steel needed for the war effort, said the high borrowing rates were already painful\u2014even worse, he argued they achieved comparatively little.<\/p>\n

\u201cThis is a situation probably without precedent in modern world history, when the central bank rate is 2.5 times higher than inflation and it still doesn\u2019t slow down,\u201d Mordashov was\u00a0quoted<\/a>\u00a0by\u00a0Politico<\/em>\u00a0as saying on Wednesday. \u201cIt\u2019s as if the medicine is more harmful than the disease.\u201d<\/p>\n

Russia\u2019s struggle to keep a lid on consumer prices may provide the incoming Trump administration with greater leverage to force Moscow to the negotiating table. <\/p>\n

On Wednesday, his transition team\u00a0appointed<\/a>\u00a0Keith Kellogg as Special Envoy for Ukraine and Russia.\u00a0The retired general supported last week the Biden administration\u2019s approval of Ukraine\u2019s use of long range ATACMS missiles on targets in Russia in response to North Korea deploying troops, saying that the decision ought to have come much earlier.<\/p>\n

\u201cWe\u2019ve basically pulled back on letting Zelensky fight a war that he should have been fighting a long time ago,\u201d he\u00a0told<\/a> Fox<\/a> News. \u201cThey should have been doing this a year ago.\u201d<\/p>\n

Russia responded to the latest escalation by launching for the first time an experimental MIRV intermediate range ballistic missile dubbed \u201cOreshnik<\/a>\u201d capable of being armed with multiple nuclear warheads. It has prompted fears the conflict could escalate into a\u00a0third world war<\/a>\u00a0before Trump takes office in January.<\/p>\n<\/div>\n

How many degrees of separation are you from the globe’s most powerful business leaders? <\/b>Explore who made our brand-new list of the 100 Most Powerful People in Business<\/a>. Plus, learn about the metrics we used to make it.<\/div>\n\n","protected":false},"excerpt":{"rendered":"

In a bid to stave off red-hot inflation, Russia\u2019s central bank halted all foreign currency purchases for the remainder of the year, while actively selling Chinese yuan, in hopes of propping up the ruble. The ruble\u2014currently worth a fraction of a penny\u2014hit lows on Wednesday not seen since the start of the Ukraine war. The […]<\/p>\n","protected":false},"author":38,"featured_media":13525,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[123],"tags":[],"class_list":["post-13524","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nRussian central bank takes desperate stand to halt collapsing ruble and fierce inflation | Unlock Informed Choices with Us<\/title>\n<meta name=\"description\" content=\"Worth a fraction of a penny now, the ruble has fallen to lows not seen since March 2022 in the early days of the war against Ukraine.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/topat10.com\/?p=13524\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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Hetzner","author_link":"https:\/\/topat10.com\/?author=38"},"uagb_comment_info":0,"uagb_excerpt":"In a bid to stave off red-hot inflation, Russia\u2019s central bank halted all foreign currency purchases for the remainder of the year, while actively selling Chinese yuan, in hopes of propping up the ruble. The ruble\u2014currently worth a fraction of a penny\u2014hit lows on Wednesday not seen since the start of the Ukraine war. 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