143
submitted 1 year ago by Tazmanian@lemmy.world to c/world@lemmy.world

President Vladimir Putin's economic adviser rebuked the central bank on Monday as the rouble slid past 101 per U.S. dollar, blaming its 30% year-to-date slump on loose monetary policy and revealing growing discord among Russia's monetary authorities.

you are viewing a single comment's thread
view the rest of the comments
[-] autotldr@lemmings.world 8 points 1 year ago

This is the best summary I could come up with:


"The central bank has all the tools to normalise the situation in the near future and ensure that lending rates are reduced to sustainable levels.

On Monday, the bank said it saw no financial stability risks from the rouble's weakening and gave another hawkish signal that a rate hike is possible soon.

The rouble has chartered a turbulent course since Russia invaded Ukraine, slumping to a record low of 120 against the dollar in March last year before recovering to a more than seven-year high a few months later, supported by capital controls and surging export revenues.

"The weaker rouble is a damning indictment of Russia’s war on Ukraine," Timothy Ash, a London-based senior sovereign strategist at BlueBay Asset Management, said in an email.

Last week, Russia effectively abandoned its budget rule, with the central bank halting the finance ministry's FX purchases to try and reduce volatility.

"The central bank is not fully in control," independent Moscow-based economist Ian Melkumov told Reuters, although it has aggressive tools that it is currently reluctant to use.


I'm a bot and I'm open source!

this post was submitted on 14 Aug 2023
143 points (98.0% liked)

World News

38554 readers
2519 users here now

A community for discussing events around the World

Rules:

We ask that the users report any comment or post that violate the rules, to use critical thinking when reading, posting or commenting. Users that post off-topic spam, advocate violence, have multiple comments or posts removed, weaponize reports or violate the code of conduct will be banned.

All posts and comments will be reviewed on a case-by-case basis. This means that some content that violates the rules may be allowed, while other content that does not violate the rules may be removed. The moderators retain the right to remove any content and ban users.


Lemmy World Partners

News !news@lemmy.world

Politics !politics@lemmy.world

World Politics !globalpolitics@lemmy.world


Recommendations

For Firefox users, there is media bias / propaganda / fact check plugin.

https://addons.mozilla.org/en-US/firefox/addon/media-bias-fact-check/

founded 1 year ago
MODERATORS