Economy

xchrom

(108,903 posts)

59. Russia's Ruble Interference Is Working

Fri Dec 26, 2014, 08:02 AM

Dec 2014

http://www.businessinsider.com/r-ruble-rebounds-sharply-from-lows-as-exporters-sell-dollars-2014-12

MOSCOW (Reuters) - Russia's ruble rose on Friday to its strongest levels in more than three weeks, in a sharp rebound from its recent all-time lows, after the government ordered exporters to sell some of their hard currency revenues.

The ruble plunged to all-time lows last week on heavy falls in the price of oil, the backbone of the Russian economy, and Western sanctions over the Ukraine crisis that have made it near impossible for Russian firms to borrow on Western markets.

But it has rebounded after authorities took steps to halt its slide and bring down inflation, which after years of stability threatens President Vladimir Putin's reputation for ensuring the country's prosperity.

Those measures included a hike in interest rates, curbs on grain exports and informal capital controls such as orders to large oil and gas exporters Gazprom and Rosneft to sell some of their dollar revenues.

Read more: http://www.businessinsider.com/r-ruble-rebounds-sharply-from-lows-as-exporters-sell-dollars-2014-12#ixzz3N0LqzhuL

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