Exchange rate stability of the ruble is temporary.
The ruble exchange rate currently no longer reflects reality , and its artificial support is dangerous for the economy, say Western bankers, analysts and the press. They are also convinced that the strengthening of the ruble is a temporary phenomenon and very expensive. About it writes bbcrussian.
“It is possible to break windows, to switch off heating and to pretend that summer has come”, – Politico quotes the head of the Central Bank of Latvia Martinsa Kazaksa.
“The ruble is no longer a freely convertible currency. So, its official exchange rate is almost irrelevant, “said his Finnish counterpart Likka Korhonen.
Russia now has two exchange rates, the black and the exchange rate. Due to the restrictions, the exchange rate rises on the stock exchange, where demand is artificially low and supply is artificially inflated.
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Politically, the Kremlin is more important exchange rate than traditional indicators of economic health in developed countries: inflation and interest rates, because the Russians are closer to the heart and clearer, writes Bloomberg.
Strong The ruble is also important to Russia in order to persuade its allies in Asia to avoid paying in dollars and euros. “And for that, they need a fairy tale about a stable world currency,” said Peeter Lukmel of the Estonian Central Bank. “Even if the sanctions are lifted, as soon as the exchange rate is released, it will fall to the bottom of the pit in which Russia's economy finds itself,” warns Briancon.
Read also: Russia's attempts to support the ruble will deplete it military resources – US Treasury Department
Earlier, the US Treasury Department said that Russia's attempts to support the ruble will deplete its military resources.
Recall that former European Commission President Ursula von Der Layen said that payments for Russian gas in rubles will be considered a circumvention of sanctions against Russia.
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