The rebellion of PMC “Wagner” slightly affected the exchange rate of the ruble – Kommersant

The events of June 23–25 (the mutiny of PMC Wagner) “had an insignificant impact” on the monthly dynamics of the ruble exchange rate. Basically, the weakening of the ruble caused a reduction in the currency from exports, according to review risks of financial markets of the Bank of Russia.

On June 24, the review notes, the rate rose significantly due to increased demand for the currency. According to the Central Bank, during the mutiny, the population bought currencies for 6.2 billion rubles – 75% of this volume fell “precisely on non-cash foreign currency,” the review says.

However, the Central Bank noted that the quick settlement of the situation with the rebellion contributed to stabilization in the foreign exchange market: relative to the close of trading on Friday, June 23, by Monday, June 26, the ruble “weakened by only 0.46%”. In general, in June, the ruble exchange rate against the dollar fell by 10.4% against 1% in May against the backdrop of a reduction in foreign exchange inflows through Russian export channels.

The review of the Central Bank also says that the Russian stock market in June showed a positive trend, the volatility was short-term. By the end of the month, the Moscow Exchange index rose by 2.9% to 2797 points. In the evening trading on Friday, June 23, the Moscow Exchange index fell by 2.1%, from 2795 to 2737 points. On Monday, part of the fall was won back, by the end of June the index had fully recovered.

Olesya Pavlenko