Two months after the Russian ruble fell below a U.S. penny, the transcontinental country’s fiat currency is the best performing currency worldwide. American economists are baffled by the “unusual situation” because a country facing stiff sanctions typically sees its fiat currency decline in value, but Russia’s ruble has done the exact opposite.
Inhalt
Russia’s Ruble Outshines the Euro and Dollar — Transcontinental Country’s Fiat Currency Shows Resiliency
Im Februar 28, 2022, Bitcoin-Tidings.com Nachrichten gemeldet on the Russian ruble sinking to record lows, and citizens started to withdraw lots of cash causing what many reports called a “bank run.” At the time, Russia was hit with strict financial sanctions from countries opposed to the war in Ukraine. Außerdem, Die Vereinigten Staaten, the European Commission, and Western allies imposed restrictions on the Bank of Russia’s international reserves.
jedoch, during the second week of April 2022, Bitcoin-Tidings.com Nachrichten gemeldet on the country’s central bank slashing rates and pegging the ruble to gold. Damals, Russia’s central bank pegged the price of RUB to 5,000 rubles for a gram of gold. Russia also made it so “unfriendly” countries are forced to pay for gas with the ruble. Numerous international buyers are complying with the rule and paying for petro products in rubles. The country’s central bank also slashed Russia’s benchmark bank rate as well.
That week in April, the Russian ruble rebounded to pre-war levels and the fiat currency has shown resilience ever since then. In recent times, various headlines von Western-based media outlets have shown that the Russian ruble is the world’s best-performing fiat currency today. Speaking with CBS, Jeffrey Frankel, a professor of capital formation and growth at the Harvard Kennedy School bemerkt that “it’s an unusual situation” in regard to the ruble rise. The ruble has recorded record highs against the eurozone’s euro and the U.S. Dollar.
In the same report, Tatiana Orlova, the lead emerging markets economist at Oxford Economics, said that the increase in commodity prices has been attributed to the ruble’s resiliency. “Commodity prices are currently sky-high, and even though there is a drop in the volume of Russian exports due to embargoes and sanctioning, the increase in commodity prices more than compensates for these drops,” Orlova explained. Orlova further detailed to CBS that there’s been a huge discrepancy between exports and imports in Russia. The Oxford economist added:
We have this coincidence that, as imports have collapsed, exports are soaring.
Orlova also discussed the capital controls Russia’s central bank implemented and how foreign holders of stocks and bonds cannot reap dividends internationally. “That used to be quite a significant source of outflows for currency from Russia — now that channel is closed,” the Oxford economist concluded.
inzwischen, in the United States, the Biden administration is struggling with hot inflation and the president has a hard time discussing the issue, according to a Prüfbericht from the New York Times’ contributors Zolan Kanno-Youngs and Jeanna Smialek. Biden is claiming that “America is in a stronger economic position today than just about any other country in the world.” Biden continues to blame the Russian president Vladimir Putin for the U.S. gas hikes and calls it the “Putin Price Hike.”
What do you think about the Russian ruble’s performance in 2022? Teilen Sie uns Ihre Meinung zu diesem Thema in den Kommentaren unten mit..
Bildnachweise: Shutterstock, Pixabay, Wiki-Commons
Haftungsausschluss: Dieser Artikel dient nur zu Informationszwecken. Es ist kein direktes Angebot oder Aufforderung zur Abgabe eines Angebots zum Kauf oder Verkauf, oder eine Empfehlung oder Befürwortung von Produkten, Dienstleistungen, oder Firmen. Bitcoin-Tidings.com bietet keine Investition, MwSt, legal, oder Buchhaltungsberatung. Weder das Unternehmen noch der Autor sind dafür verantwortlich, direkt oder indirekt, für alle Schäden oder Verluste, die durch oder in Verbindung mit der Nutzung oder dem Vertrauen auf Inhalte verursacht oder angeblich verursacht wurden, Waren oder Dienstleistungen, die in diesem Artikel erwähnt werden.
Lesen Haftungsausschluss