When will the ruble stop falling apart – Vedomosti

In the three weeks since the introduction of the obligation to sell export proceeds (a government press release on this topic was published on the evening of October 11), the ruble has strengthened by 7%. If at the close of trading on the Moscow Exchange on October 11, the dollar was trading at 100.2 rubles, the euro at 106.5 rubles, then on the last day of the month the value of the American currency dropped to its lowest since August 92 rubles, and the euro fell below 98 rubles. Starting from October 16, within 60 days from the receipt of funds in foreign currency, the largest exporting companies from a closed list must credit at least 80% of the proceeds to their Russian accounts, and then sell on the domestic market at least 90% of the amount received into the accounts .

Very high fluctuations of the ruble both within a year and within a month have become the new norm, states Sofya Donets, chief economist at Renaissance Capital. Sharp fluctuations in the exchange rate are caused by foreign trade transactions, which are characterized by greater seasonality. The adjustment occurs with a large lag: exports take a long time to respond to changes in the external price environment, and imports take a long time to respond to internal stimuli, such as changes in the exchange rate, Donets adds.