Reuters – April 26, 2022
The Russian rouble clipped a more than two-year high against the euro in early trade on Tuesday before stabilising near Monday’s close, in a week where tax payments are supporting the currency and as investors look ahead to an expected rate cut on Friday.
At 0817 GMT, the rouble had gained 0.3% to trade at 76.90 versus the euro , after earlier hitting 75.95, its strongest mark since early March 2020. It was 0.1% stronger against the dollar at 73.04 .
Trading activity remains subdued and somewhat erratic compared with levels seen before Feb. 24, when Moscow sent tens of thousands of troops into Ukraine.
Movements in the rouble are artificially limited by capital controls imposed by the central bank, and the economy faces soaring inflation, capital flight and the risk of a possible debt default after the West imposed tough sanctions.
Russian companies due to pay income tax on Thursday should give the rouble additional support this week, said Promsvyazbank analysts.
But the payment period for Russia’s mineral extraction tax ended on Monday, which could limit upside for the rouble. Payments in April may have hit a new record, according to analysts’ estimates.
“During this week, foreign currency sales by exporters after a recent easing of currency controls could practically end and the rouble, probably, will come under pressure,” said Sberbank CIB.
The market is also looking ahead to Friday’s rate decision. The central bank is widely expected to cut its key interest rate by 200 basis points to 15% as it tries to stimulate more lending in the economy in the face of high inflation, a Reuters poll showed.
Lower rates support the economy through cheaper lending but can also fan inflation and make the rouble more vulnerable to external shocks.
Russian stock indexes were climbing.
This is so funny. The ‘stupid’ West has created a massive scarcity crisis, especially in the West, which might be beneficial, but is also very bad for Western states.
So, Russia is selling less oil, not much less, but it is down, but income from oil exports is going through the roof. More Russian gas is going to China, and a majority of EU corporations are paying Rubles for their gas. Yet, the stupid ideologically driven NWO sect is determined to cut off their own nose, just for the fun of it, and stop importing everything from Russia.
I was listening to some excellent 4 way commentary by the Duran last night. I highly recommend you watch this. Yes it’s long, but you’ll get tremendous insight. I’m not saying it’s all true, but it’s pretty close, considering this is YouTube.
We are only weeks in, with this new international currency, the Ruble, and there’s talk that the Ruble could be backed by commodities, which Russia had huge reserves, that the free world needs.
I was saying yesterday, or the day before, about the UK using UKraine to start WW3, and doing their regular world war routine to distract the US from their main foreign policy goals, and now it turns out the China are battening down the hatches. There’s been a big uptick in Chinese military activity around Taiwan, and China is preparing for US sanctions on the same scale as those placed on Russia. I might need to upgrade my phone sooner than expected.
If these US sanctions come in, then you can kiss your ass to any type of economy, apart from a war economy.
It’s coming, sheeple in their garden sheds making widgets that were once made in China, they might make £10 per day, cus this is where its going. By next Winter, sheeple will be standing in the street huddled around their IKEA fueled fire moaning to their neighbours about the fact that the Chinese have cheap gas and oil as the Asian economy explodes. Germany is finished, if they ban all Ruusian gas.
Who voted for Brexit?
I wish : one ruble =100 US$
one ruble =1000 shekles
Big western institutions like central banks, governments and multinationals can keep a dying dollar on life-support for a very long time, even introducing punitive penalties for those who try to move out of it and into something else. But a big indicator not controlled by these institutions are currency traders on street corners of shanty towns. When they stop buying dollars from tourists or offer very low rates when buying it, but they snap up the ruble or yuan/renminbi, then we’ll know it’s almost over for the dollar.
(I believe the Chinese call their currency renminbi while the rest of the world and the currency markets calls it the yuan. It’s interchangeable I assume, a bit like sterling and the pound.)
No inventive person will be cold in winter, and if we were to be killed later, just find the murderer now, while we are alive.
@antivax Your wish is coming, IMO it could arrive before Christmas ??