The value of the ruble continues to fall. The cost of a dollar increased by 0.30 rubles to 38.68 rubles since the close of previous trading, according to data at the Moscow Exchange at 10.10am. The euro price increased by 0.41 rubles to 50.05 rubles, the dual currency basket increased in price by 0.34 rubles to 43.79 rubles, ITAR-TASS reports.
Alexander Abramiv, a leading scientist of the RANEPA Presidential Institute of Applied Economic Studies, said that devaluation of the ruble had been predicted a year ago due to poor economic growth, outflow of capital and low oil prices.
Mark Mebius of Franklin Templeton said that the low line for Brent oil prices was $80 per barrel. In his words, speculators were spreading rumours to shake the market. Announcements by the Central Bank to stop supporting the ruble and sanctions contributed to the currency problem.
The expert noted that large banks, especially Sberbank, had many short-term debts taken to cover the demand for dollar liquidity of the domestic market, the terms were shortened from 90 to 30 days, undermining the market of currency forwards. Mebius predicts stabilization in the near future, as soon as the Central Bank intervenes.
The price for rubles continues falling. The cost of a dollar increased by 0.30 rubles to 38.68 rubles since the closing of the previous trade, as of data at the Moscow Exchange at 10.10am. The euro prices increased by 0.41 rubles to 50.05 rubles, the dual currency basket increased in price by 0.34 rubles to 43.79 rubles, ITAR-TASS reports.Alexander Abramiv, a leading scientist of the RANEPA Presidential Institute of Applied Economic Studies, said that devaluation of rubles had been predicted a year ago due to poor economic growth, outflow of capital, low oil prices.Mark Mebius of Franklin Templeton said that the low line for Brent oil prices was $80 per barrel. In his words, speculators were spreading rumours to shake the market. Announcements of the Central Bank to stop supporting rubles and sanctions contributed to the currency problem.The expert noted that large banks, especially Sberbank, had many short-term debts taken to cover the demand for dollar liquidity of the domestic market, the terms were shortened from 90 to 30 days, undermining the market of currency forwards. Mebius predicts stabilization in the near future, as soon as the Central Bank interfer
