11/28/2024–|Last updated: 11/28/202407:09 PM (Mecca time)
Russian President Vladimir Putin said on Thursday that there is no need to panic due to the decline of the Russian currency in the past few days, explaining that the ruble’s sometimes sharp fluctuations are related to budget spending and seasonal shifts.
The ruble is recovering today from a decline of more than 7% against the dollar in the previous session, after the Russian currency fell to its lowest levels against the dollar and the euro since March 2022.
The recovery comes after the central bank intervened in the currency market to support the ruble.
“As long as it is related to fluctuations in the ruble, this is not only related to inflationary processes, but also to budget expenditures,” Putin said after a security summit in Kazakhstan today.
He added, “There are many seasonal factors. So, in my opinion, the overall situation is under control and there are absolutely no reasons for panic.”
He added that the inflation rate in the country is currently at 8.5%, stressing that the Russian Central Bank’s data on inflation in the country is real.
The Moscow Stock Exchange and the Russian ruble witnessed a recent decline, but the Russian stock market returned to the rise today, Thursday, as investors tended to buy stocks.
The Russian currency also received support from the Russian Central Bank’s decision to suspend the purchase of foreign currencies from the market, and the Russian Central Bank set the dollar exchange rate for today at 108 rubles.
In the first quarter of 2022, that is, in the first weeks of the start of the Russian-Ukrainian war, the ruble fell to 120 against the dollar on March 11, 2022, with Western countries imposing sanctions on Russia in an attempt to influence its economy.
Since then, Moscow has made great efforts to strengthen its economy, especially by investing huge sums in military orders and redirecting its fuel exports as much as possible towards the Asian market.
