The ruble’s real effective exchange rate has fallen by 26% since the beginning of the year. Only in July this figure fell by 7.7%. On Friday, August 11, the exchange rates of the US dollar and the euro reached record levels since March 2022: 99 and 109 rubles, respectively.
The ruble’s real effective exchange rate fell by 26.4% from January to July this year. This is evidenced by the statistics of the Bank of Russia on the main indicators derived from the dynamics of the ruble exchange rate.
Since the beginning of the year, the Russian ruble has fallen 27.5% against the US dollar and 29.9% against the euro. On Friday, August 11, the quotes for these currencies exceeded 99 rubles and 109 rubles, respectively.
The ruble’s real effective exchange rate is the weighted average of the exchange rates of Russia’s trading partners.
The Central Bank sees no risks to financial stability due to the ruble exchange rate, said Alexei Zabotkin, deputy chairman of the Bank of Russia. In the dynamics of the exchange rate, the decisive factor is the export and import of goods and services, according to the Central Bank.
Author:
Kirill Bilyk
Source: RB
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