For a dollar, the Russians have to pay more and more.
What they should have said too different? Russia’s central bank chief Elvira Nabiullina made on Tuesday external factors for the course vagaries of the ruble responsible, including the fall in oil prices. Honestly it would have been if she had President Vladimir Putin blamed – but that is not recommended if you holds a high government posts in Russia. Although Putin personally did just nothing that the ruble weakened last so enormous. Euro and dollar then have risen to the ruble on Monday and Tuesday next 10 percent in the top 22 percent, despite a sharp rise in interest rates by the central bank. But the price of oil was not to blame, he stayed but compared relatively stable at a low level.
Of course, the currency of the commodity exporter, Russia is dependent on commodity prices, particularly that of oil. This is illustrated by the price movements in the fall. But what is happening now in the foreign exchange market, acts like a storm of hysteria and speculation that worsens without any external stimulus itself. The foreign exchange market is the largest trading center in the world; it must set in motion to produce these price swings enormous sums. For such a panic, it needs a climate of extreme uncertainty. For Putin is responsible: Without the annexation of the Crimean peninsula and the destabilization of eastern Ukraine, it would not come to the sanctions of the West and an aggravation of the Russian economic weakness. Without the Ukraine-Russia crisis would continue to apply as an international reasonably reliable partner in which it is superior to foreign investors not three times, whether they want to take this country risk upon oneself.
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sufferer of the price fall, first the ordinary Russians, under the long-term stability guarantee Putin in a new phase see catapulted the instability. The capital outflow from the country is large and could reach $ 120 billion this year. Not only foreign investors withdraw from the capital, and in Moscow rattle the ATM. The Central Bank may succeed, perhaps, with the monetary emergency surgery to stabilize the ruble short term. But for a lasting recovery of the Russian currency it needs a new trust in the financial market. This base has not destroyed the monetary policy, but the Russian foreign policy. Unfortunately, there is little reason for hope, Putin could not initiate a change of course. Therefore, now is payday in Russia.
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