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The Russian ruble is on a steep decline, nearing 100 per U.S. dollar, yet the Kremlin seems unshaken. Unlike past instances where currency volatility sparked intervention, Russian officials appear comfortable with the rubleโs current trajectoryโsuggesting a calculated approach tied to state budget priorities as government spending ramps up.
Why Is Russia Allowing the Ruble to Weaken?
Insiders close to the Russian government indicate that the rubleโs decline boosts state revenue by increasing the ruble value of export earnings, a crucial advantage as Moscow plans for increased military expenditures next year.
Additionally, Russiaโs pivot from Western currencies has reshaped the financial landscape, with the Moscow Exchange recently halting dollar and euro trading in response to sanctions.
Ripple Effects:
The Yuan, Exporters, and BottlenecksThe ruble isnโt just falling against the U.S. dollarโit has dropped 11% against the Chinese yuan, now Russiaโs preferred currency for international trade following Western sanctions.
While the Kremlin emphasizes trade within BRICS nations and yuan-denominated settlements, currency shortages persist, hampering cross-border transactions.
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