The Central Bank explained the December weakening of the ruble
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“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 explained. At the same time, according to Zabotkin, the rate is still “fluctuating in the range that has been observed since about the end of May this year.”
He also noted that the observed weakening of the ruble will contribute to rising prices – as before, every 10% movement in the exchange rate will add about 0.5-0.6% inflation. “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,” Zabotkin added.
The official dollar exchange rate, set by the Central Bank on December 26, is 68.6 rubles, the official euro rate is 73.04 rubles.
5th of December entered by virtue of the price ceiling for Russian oil agreed upon by the European Union in the amount of $60 per barrel. In addition to the EU countries, the G7 countries and Australia also joined the ceiling. Russian President Vladimir Putin said that the decree on the response to the oil price ceiling would be signed on December 26 or 27. According to him, Russia has nothing to lose from the imposed ceiling on oil prices.
After that, Finance Minister Anton Siluanov emphasizedthat Russia will not supply oil under price-limiting contracts and will look for new markets away from the West. He admitted that Russia might have to reduce production volumes.
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