{"id":1999899,"date":"2023-08-14T11:37:01","date_gmt":"2023-08-14T15:37:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tumbling-rouble-claws-back-ground-as-central-bank-to-meet\/"},"modified":"2023-08-14T11:41:37","modified_gmt":"2023-08-14T15:41:37","slug":"tumbling-rouble-claws-back-ground-as-central-bank-to-meet","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tumbling-rouble-claws-back-ground-as-central-bank-to-meet\/","title":{"rendered":"Ruble rebounds as central bank prepares for meeting."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftumbling-rouble-claws-back-ground-as-central-bank-to-meet%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1999899&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<p><strong>MOSCOW (Reuters) &#8211;<\/strong> The tumbling rouble reversed\u200d course late on\u200d Monday, rising back to the strong side\u2062 of 100 against the dollar\u2063 after Russia\u2019s central bank announced an extraordinary\u200c policy meeting for Tuesday.<\/p>\n<p><strong>President \u2062Vladimir Putin\u2019s economic adviser<\/strong> earlier rebuked the central bank as the rouble slid past\u2063 101, blaming its loose policy in a sign of \u2063growing discord among monetary authorities.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>The rouble has lost around \u200ca quarter of its value against the\u200c dollar since Putin sent troops into \u200bUkraine in February \u20622022, as \u2064Western sanctions take their toll on Russia\u2019s\u200c balance of trade and military spending soars.<\/p>\n<p>On the Moscow Exchange, the rouble sank as low as 101.75 on Monday, \u200cits weakest in \u2064almost 17 months and down 30% down so far this \u200byear. <\/p>\n<p>By 1452 \u2064GMT it had pared all\u200d intraday losses and\u2064 was\u200c gaining 0.9% on the day to 98.53. <\/p>\n<p><strong>Putin\u2019s economic adviser Maxim Oreshkin<\/strong> earlier said \u200bthe central bank could ensure that the pace of lending drops \u200cto sustainable levels with higher rates. <\/p>\n<p>High consumer lending, along with a stark labour shortage and wide budget deficit, have all fanned inflation this \u200dyear.<\/p>\n<p>\u201cThe main source\u2064 of rouble weakening and accelerating inflation is soft monetary policy,\u201d Oreshkin wrote in an \u200dop-ed for the TASS news agency. \u201cThe central bank has all \u2063the \u2062tools to normalise the situation in the near \u2062future.\u201d<\/p>\n<p>The Bank of Russia\u2019s next scheduled interest rate decision had\u2063 been due on\u200c Sept. 15. Asked earlier whether \u200cit might make an emergency hike from the current 8.5%, it declined to comment.<\/p>\n<p>BCS \u2064World of Investments said another significant interest rate raise \u2064was likely. The central bank had hiked by 100\u200b basis points on July 21. <\/p>\n<p>Oreshkin said a strong currency was important for the economy. \u201cA weak rouble complicates the economy\u2019s structural transformation and\u2063 negatively affects the population\u2019s real incomes,\u201d\u200d he \u200bsaid.<\/p>\n<p>The \u200dcentral bank has blamed the rouble\u2019s slide on Russia\u2019s shrinking current account surplus \u2013 down 85% year-on-year in January-July. On Monday,\u200c the bank said it saw no financial stability\u200c risks from the rouble\u2019s weakening but that a rate hike was possible soon.<\/p>\n<p>Higher interest rates would make life harder for borrowers,\u2062 including companies and the government as it finances \u200dmilitary operations in Ukraine.<\/p>\n<p>\u2018LAUGHING AT US\u2019<\/p>\n<p>Central Bank Governor Elvira Nabiullina won plaudits for her handling of the economy in the immediate\u200c aftermath of\u2063 Russia\u2019s invasion, \u2064but she may be \u2064being lined up as a scapegoat ahead\u2064 of next March\u2019s presidential election, as \u2064the weak rouble and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tumbling-rouble-claws-back-ground-as-central-bank-to-meet\/\" title=\"Ruble rebounds as central bank prepares for meeting.\">stubbornly high inflation hurt consumers<\/a>.<\/p>\n<p>Popular \u2062pro-Kremlin television presenter Vladimir Solovyev, whose Rossiya 1 shows are watched\u200d by millions of\u200b Russians, launched into\u200d an aggressive, expletive-ridden \u200dcriticism of the central\u200c bank late last week. \u2063 <\/p>\n<p>\u201c\u2026every other country is laughing at us, \u2062at\u2064 our rouble\u2064 being one of the three weakest currencies, thanks to\u2064 the \u2018genius\u2019 \u2064policy of the\u2064 central bank,\u201d\u2064 he said.<\/p>\n<p>The population is feeling\u2064 the \u200bpinch, too, according to Russians Reuters spoke to in Moscow on Monday.\u200b <\/p>\n<p>\u201cOf course, \u2064rising prices affect us, regular citizens, a lot,\u201d said Ivan, a \u200dMoscow resident. \u201cBecause our salaries aren\u2019t growing, and it takes a \u200bbite out \u2063of (what\u2019s in) our wallets.\u201d<\/p>\n<p>Another \u200bMuscovite, Svetlana, said: \u201cTo\u2064 be honest, I don\u2019t understand why this\u200c is happening. \u2064But I think this has been happening my whole life, the\u200d dollar is rising every\u200c year and it\u2063 never goes down. And \u200dit probably \u2064never will.\u201d<\/p>\n<p>\u2018DAMNING INDICTMENT\u2019<\/p>\n<p>The\u2063 rouble has chartered a turbulent course since Russia invaded \u2062Ukraine, slumping to a record low of 120 \u200bagainst the dollar in March last\u200c year before recovering to a more than seven-year high a few months later, supported by capital controls and surging export revenues. <\/p>\n<p>In the year leading up to \u2064the war, the rouble traded at around 74 to the dollar on average, with its \u2063movement dictated by factors like \u200cprices for \u200doil, Russia\u2019s major export, and susceptible to sharp geopolitics-induced swings.<\/p>\n<p>\u201cThe weaker rouble is \u2063a\u200d damning indictment of Russia\u2019s war on Ukraine,\u201d \u200cTimothy Ash, a London-based senior sovereign strategist at BlueBay Asset Management, said in an email.<\/p>\n<p>\u201cIt is\u200b being driven\u200b not only by lower\u2062 energy receipts due to the loss of the \u200bbulk of the European\u2064 gas business but also by the success of the G7 oil price cap, the much higher cost\u200b of imports due to sanctions and then continued capital flight.\u201d<\/p>\n<p>Last week, Russia effectively \u2064abandoned its budget rule, with the central bank halting the finance ministry\u2019s FX\u200b purchases to try to reduce volatility.\u2063 Analysts \u200cwidely agreed that those measures alone were too minimal in scope to significantly\u2064 support the currency. <\/p>\n<p>\u201cThe central bank is not fully in control,\u201d independent Moscow-based economist Ian Melkumov told Reuters, although it has aggressive\u200d tools that it is \u200ccurrently reluctant to use. <\/p>\n<p>He said the \u2063bank could hike rates drastically, as it did \u200bto 20%\u2064 shortly after Russia\u2063 began what it calls a \u201cspecial military operation\u201d in Ukraine. \u2062A move to even 15% would stop the rouble\u2019s decline, he said, but it would come at a price.<\/p>\n<p>\u201cThe central bank doesn\u2019t want to kill\u200d the economy \u2063and businesses in the same way it had to last year,\u201d he \u200dsaid.<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/tumbling-rouble-claws-back\/attachment\/sheets-of-the-newly-designed-russian-100-rouble-banknotes-are-seen\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>Since being removed from the Fox\u200d News lineup, Tucker Carlson<\/strong> \u200d has <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mauis-emergency-sirens-failed-to-alert-residents\/\" title=\"Maui's sirens failed to warn residents.\">held\u2064 bombshell interviews<\/a> that have driven news\u200d cycles.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>David Weiss<\/strong> becomes Special \u2062Counsel in the Hunter Biden probe, while Sam Bankman-Fried trades his mom\u2019s basement for a jail cell.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>With less\u200c than two weeks before the first GOP Presidential debate, media \u2063and political strategist <strong>Adam Weiss<\/strong> says it would be beneficial for Trump not to participate.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>The lack of answers from the Biden Administration continues \u2062to cause frustration from families who lost loved ones during the U.S.\u2064 withdrawal from Afghanistan.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>SEOUL (Reuters) &#8211;<\/strong> South Korea\u2019s largest telco SK Telecom said it will\u200c invest $100 million in U.S. artificial \u2062intelligence firm Anthropic to\u2026\u2062 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>ERBIL (Reuters)\u200c &#8211;<\/strong> Iraq\u2019s telecoms ministry\u2063 said it will lift a ban on the Telegram messaging app on Sunday,\u200c which was imposed earlier\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>NEW YORK (Reuters) &#8211;<\/strong> \u2063 Australia-listed investment firm GQG Partners\u200d added more \u200dshares\u2063 of Nvidia Corp in the\u200d second quarter, \u2063ending\u200b June \u2063with\u2026\u2063 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Daniel Trotta EL CAJON,\u2062 California (Reuters) \u2013 California firefighters are using artificial \u2064intelligence to help spot wildfires,\u200b feeding video from more\u2026\u200c <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The rouble rebounded, crossing 100 against the dollar, as Russia&#8217;s central bank scheduled an emergency meeting. President Putin&#8217;s economic adviser criticized the bank&#8217;s loose policy as the rouble fell below 101.<\/p>\n","protected":false},"author":66,"featured_media":1999900,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-1999899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1999899","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1999899"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1999899\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1999900"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1999899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1999899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1999899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}