The Bank of Russia named the reasons for the ruble’s collapse in December: they were a decline in foreign exchange earnings from exporters and increased demand for foreign currency by bidders. In December last year, the ruble against. against the US dollar and the euro fell almost 11%.
The Central Bank in the review of financial markets for the last two months of last year stated the reasons for the sharp depreciation of the Russian ruble. According to the regulator, the collapse was the result of a decline in exporters’ foreign exchange earnings and increased demand for foreign exchange by market participants.
Foreign exchange sales of 29 Russian exporting companies in December fell by an average of 6% compared to November. In the second half of December the currency was sold for $576 million, a quarter less than in the first half of the month.
At the same time, the demand for currency by market participants increased: 68% of all purchases fell in the last two weeks of December. This happened, among other things, due to the interest in acquiring foreign currency from clients who bought businesses from companies in “enemy” countries.
In December 2022, the Russian ruble lost ground against the US dollar and the euro. During the month, the ruble depreciated 10.9% against the dollar, 10.6% against the euro and 9.9% against the yuan.
Author:
Kirill Bilyk
Source: RB
I am Bret Jackson, a professional journalist and author for Gadget Onus, where I specialize in writing about the gaming industry. With over 6 years of experience in my field, I have built up an extensive portfolio that ranges from reviews to interviews with top figures within the industry. My work has been featured on various news sites, providing readers with insightful analysis regarding the current state of gaming culture.
