The Russian Central Bank steps in to stabilize the ruble, which has reached its lowest level against the U.S. dollar since the 2022 invasion of Ukraine. Despite Kremlin reassurances, experts warn of an emerging currency crisis.
Russian authorities are attempting to alleviate panic over the ruble’s significant decline this week. The Central Bank intervened on Wednesday, suspending foreign purchases of the ruble in the domestic currency market for the remainder of the year to stabilize financial markets. The ruble weakened to 114 against the U.S. dollar, its lowest level since March 2022, following Russia's invasion of Ukraine.
President Vladimir Putin dismissed the need for panic, attributing the currency's fluctuations to budget payments and seasonal variations. However, experts warn that the weakening ruble signals a deteriorating economic situation in Moscow, with the currency described as being in 'free fall.
Russian Ruble Central Bank Currency Crisis Economic Deterioration Vladimir Putin Ukraine Invasion
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