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The global value of the Rouble hasn't changed much since 2013. But a stronger very crappy currency. Fine. Who else wants it in their banks, holdings and investments? No safety, no security, no liquidity, no volume and little global use and acceptance.
What is more important to the Russian people is internal strength, i.e. inflation. And that is very high.
Exporting nations desire a weak currency. So we talk about Russian oil for sale. And that doesn't work in Russia's favor.
This site seems to not agree with the info. in the article.
That's because the article first referenced is utter nonsense. CNBC has trumped up an anti-sanction article and attempted to pass it off as information. The Ruble "strengthened" because Russia jacked up the interest rate to 20%. Fact is, Ruble is as useless as Confederate currency outside of Russia.
Sanctions are crushing Russia. Inflation is 17%, wages are down 7%, industrial output is falling, there are no airliners flying and few foreign items are being shipped in. Their automobile sales have fallen 82%!
Oil revenue is up, but Russia is spending 20B$ a day to wage a war which will destroy them in the end. No matter how the war ends, sanctions will remain in place for years and Russia will become impoverished.
Russia may succeed in not only destroying itself, but destroying Ukraine, too, thereby creating a world wide food shortage lasting for years.
Status:
"Let this year be over..."
(set 22 days ago)
Location: Where my bills arrive
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I realize the NY Post says this is so but as you can see that other than a momentary spike the ruble is about where it always is, maybe slightly less compared to the US Dollar. https://tradingeconomics.com/russia/currency
Last edited by VA Yankee; 07-08-2022 at 06:00 AM..
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