As of 8.06pm, the dollar value dropped by 1.44 rubles to 53.59 rubles, the euro by 1.54 rubles to 58 rubles. Alexander Abramov, leading scientist of the RANEPA Institute of Applied Economic Studies, explained that it was a result of stabilizing oil prices, currency repos made by VTB in January (helping solve the problems of external loans), economic stagnation that discouraged business from purchasing foreign vehicles, equipment and currency, the Finance Ministry ceasing to purchase currency for the Reserve Fund and the National Welfare Fund.
The expert added that there were speculations: banks used currency repos to gain $30 billion. Alexander Abramov predicts that a balance of 55 rubles per dollar will be reached, albeit with further speculations causing fluctuations.
Anatoly Aksakov, deputy head of the State Duma committee for the financial market, the president of the Association of Regional Banks of Russia, associates the growing value of rubles with rising oil prices, which had weakened the currency in late 2014 – early 2015. The lawmaker noted that a lot of money in December 2014 and January 2015 had been spent to pay the external debt. Panic was also a factor.
Aksakov tends to believe that reduction of imports, thus fewer purchases of foreign currency, strengthened the ruble. In his opinion, the Russian currency may further rise to a value of 50 rubles per dollar.
As of 8.06pm, the dollar value dropped by 1.44 rubles to 53.59 rubles, the euro by 1.54 rubles to 58 rubles. Alexander Abramov, leading scientist of the RANEPA Institute of Applied Economic Studies, explained that it was a result of stabilizing oil prices, currency repos made by VTB in January (helping solve the problems of external loans), economic stagnation that discouraged business from purchasing foreign vehicles, equipment and currency, the Finances Ministry’s cease of purchasing currency for the Reserve Fund and the National Welfare Fund.The expert added that there were speculations: banks used currency repos to gain $30 billion. Alexander Abramov predicts that a balance of 55 rubles per dollar will be reached, albeit with further speculations causing fluctuations.Anatoly Aksakov, deputy head of the State Duma committee for the financial market, the president of the Association of Regional Banks of Russia, associates the growing value of rubles with rising oil prices, which had weakened the currency in late 2014 – early 2015. The lawmaker noted that a lot of money in December 2014 and January 2015 had been spent to pay the external debt. Panic was also a factor.Aksakov tends to believe that reduction of imports, thus fewer purchases of foreign currency, strengthened the ruble. In his opinion, the Russian currency may further rise to a value of 50 rubles per dol
