Russia is “artificially inflating” the ruble, so the exchange rate of the Russian currency against the dollar can not be considered an adequate indicator of the state of Russia’s economy. This was stated at a briefing by White House Director of Communications Kate Bedingfield.
“We see the artificial pumping of the ruble by the Central Bank and the Russian government. <...> In fact, they are taking artificial measures to support the ruble exchange rate, ”Bedingfield said.
According to her, the US administration is convinced that sanctions against Russia work. She said that in Russia there is “dramatic inflation” and investors are refusing to invest in the economy. According to her, the ruble exchange rate is no longer an adequate indicator of the state of affairs in the Russian economy.
She added that in the first few days after the start of the military operation in Ukraine, the ruble was a “reliable” indicator of the state of affairs in the Russian economy, but this is not the case now.
“So if you look at things like sharp inflation in Russia, if you look at the outflow of private investment from Russia, if you look at the very [президента РФ Владимира] Putin, who says that the sanctions have led to unprecedented costs, I think this is the best indicator of the state of the Russian economy right now, “said Bedingfield.
The ruble rose against the dollar on March 31 for the ninth trading day in a row and strengthened against the euro. In March, American and European currencies fell in price on the Moscow Stock Exchange by more than 12% – up to 83.2 rubles. and 92.5 rubles. respectively. At the peak on March 10, the dollar and the euro rose to 121.53 rubles. and 132.42 rubles. respectively.
The government and the Central Bank have taken a number of measures to curb the outflow of foreign currency and the devaluation of the ruble under Western sanctions, which have affected about half of Russia’s international reserves of $ 300 billion. In particular, exporters a ban on the sale of cash currency to citizens has been introduced, no more than $ 10,000 can be withdrawn from foreign currency accounts and deposits by the same date, and it is temporarily forbidden to export cash foreign currency worth more than $ 10,000 from Russia.
Putin also said that Russia will switch to payments in rubles for gas supplies for export to unfriendly countries, a decree was signed on March 31. Now European buyers of Russian gas will have to open special currency and ruble accounts with Gazprombank. Payment for deliveries will be charged in foreign currency. Then, on behalf of the buyer, Gazprombank will exchange currency for rubles at auctions held by the Moscow Stock Exchange and credit these funds to the ruble account. After that, the transfer of funds to the supplier company will take place from the ruble account.