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The Russian ruble has weakened significantly after the decision of the Central Bank of Russia to lift some temporary measures, which were aimed at preventing the devaluation of the Russian currency.
The measures have been implemented following the imposition of international community sanctions on Moscow for its unprovoked invasion of Ukraine. The Central Bank said on April 8 that it would lift the 12 per cent commission rate on foreign currency purchases from April 11.
The bank has also said it will suspend a temporary ban on selling foreign exchange from April 18. The ruble fell to 82.09 against the US dollar on April 11, compared to 71 rubles on April 8.
The main support for the ruble, after the sanctions, has been from the forced conversion of 80 percent of foreign exchange earnings by export-oriented companies, as well as from high interest rates, although the Central Bank has suddenly lowered its key interest rate by 20 percent to 17 percent last week./rel
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