Posted on 08/14/2023 4:13:18 AM PDT by marcusmaximus
President Vladimir Putin's economic adviser rebuked the central bank on Monday as the rouble slid past 101 per U.S. dollar, blaming its 30% year-to-date slump on loose monetary policy and revealing growing discord among Russia's monetary authorities.
The rouble, which has lost around a quarter of its value against the dollar since Putin sent troops into Ukraine in February 2022, hit 101.04 per U.S. dollar, its weakest point in almost 17 months.
As the rouble tumbled, Putin's economic adviser Maxim Oreshkin said in an op-ed for the TASS news agency that the Kremlin wanted a strong rouble and expected a normalisation shortly, an intervention that could spur the central bank into action ahead of its next scheduled interest rate decision on Sept. 15.
"The main source of rouble weakening and accelerating inflation is soft monetary policy," Oreshkin wrote. "The central bank has all the tools to normalise the situation in the near future and ensure that lending rates are reduced to sustainable levels.
"A weak rouble complicates the economy's structural transformation and negatively affects the population's real incomes," he said. "It is in the interests of the Russian economy to have a strong rouble."
The Bank of Russia, which hiked rates by 100 basis points in July to 8.5%, has blamed the rouble's sharp slide this year on Russia's shrinking current account surplus - down 85% year-on-year in January-July.
(Excerpt) Read more at money.usnews.com ...
Is Putin using Biden White Houste spokesmen?
Tell your Putin to stop intentionally crashing the Ruble. It hurts his people. Especially pensioners.
Putin and Russian Oligarch’s are learning, SLOWLY, that they can’t have their war of aggression and a strong ruble too.
In decades as a commercial real estate developer, one of the top 3 things I learned was WHEN to DECISIVELY cut (STOP!) your losses!
Effing hack
My city of birth. I love the benefits of black culture in America…
The best thing to happen in Philly is when the Mayor bombed a building…
What happened to Putin’s pegging the Ruble to gold?
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