Deputy Chairman of the Central Bank Zabotkin called the reasons for the sharp depreciation of the ruble
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The weakening of the ruble is due to the “deterioration of external conditions,” said Alexei Zabotkin, Deputy Chairman of the Central Bank (CB) of the Russian Federation. Among these conditions, he called the decline in oil prices.
In an interview RBC Mr. Zabotkin said that the exchange rate “is fluctuating in the range that has been observed since about the end of May this year.” “There is a deterioration in external conditions, a decline in oil prices. This is a weighty enough reason for the exchange rate to weaken somewhat,” he assures.
According to him, every 10% movement in the exchange rate will raise inflation by 0.5-0.6%. “But at the same time, with the proviso that these 0.5–0.6% are not realized instantly, but are stretched over time for 6–12 months,” says the deputy chairman of the Central Bank.
From December 5 valid the EU embargo on oil from Russia, from the same day a price ceiling was introduced for sea supplies of this fuel. The maximum price was set at $60 per barrel. Last week, the rates of major currencies on the Russian market updated multi-month highs. The Russian national currency weakened by almost 20% against the dollar and the euro. Finance Minister Anton Siluanov named the reason for the fall of the ruble is the growth of imports.
Read about the situation on the market in the publication “Kommersant” “The dollar and the euro are losing rubles”.
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