Russian ruble continues to slide on currency restrictions

The Russian currency continued its descent on Wednesday as trading in the ruble resumed on the Moscow Stock Exchange. But in a bid to s...


The Russian currency continued its descent on Wednesday as trading in the ruble resumed on the Moscow Stock Exchange. But in a bid to stem the currency’s decline, Russia’s central bank issued an order further restricting access to US dollars.

The Central Bank of Russia said on Wednesday that holders of foreign currency accounts at Russian banks would only be allowed to withdraw up to $10,000 in dollars (regardless of the currency of the account), and the rest should be withdrawn in rubles. New foreign currency accounts can be opened, but only rubles can be withdrawn. The order will be in effect until September 9, the central bank said. Until then, banks cannot sell foreign currency to Russians either.

The measures appear intended to limit the ability of Russian citizens to convert their rubles into dollars or other currencies, as the central bank attempts to prop up the national currency, which is rapidly losing purchasing power.

The Russian ruble has lost around 40% of its value against the US dollar this year as Western leaders moved to isolate the country from the global economy with sanctions in response to its invasion of Ukraine. These movements, which include the freezing of the assets of the Russian central bank that are held in the United States, will make it more difficult for the country to support its currency.

Since currency trading on the Moscow Stock Exchange was halted on Friday, the United States and Britain said they stop importing Russian oilwhile the European Union outlined a plan to reduce its reliance on Russian energy, and Fitch Ratings said a default on Russia’s sovereign debt was “imminent”.

“The further increase in sanctions and proposals that could limit energy trade increase the likelihood of a policy response from Russia that includes at least a selective non-payment of its sovereign debt obligations,” Fitch Ratings said. Tuesday.

The ruble was trading at 117 rubles to the US dollar in Russia on Wednesday, after closing at 105 rubles to the US dollar on Friday. Ruble trading in world currency markets, which was very limited, valued the ruble at around 139 per US dollar.

Trading on the Moscow stock market is still halted, the central bank said. It was last traded on February 25.

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Newsrust - US Top News: Russian ruble continues to slide on currency restrictions
Russian ruble continues to slide on currency restrictions
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