RT — Rapid rise of the ruble is over – Bank of Russia

The ruble’s oil-spurred rally is over, the Russian Central Bank said on Wednesday. The ruble has gained 15 percent this year after losing about half its value in 2014.

“The fast appreciation of the ruble that we saw, linked to the sharp 30 percent upswing in oil, is over,”the Central Bank First Deputy Governor Ksenia Yudaeva said at a conference on Wednesday. “Now we are seeing stabilization.”

The Central Bank is actively trying to reverse the 15 percent gain the currency picked up this year. The latest trick to weaken the currency was to increase the rate for foreign currency repurchase agreements (repo), or how much banks need to spend to take out loans.…

As an aside, it looks like women are fairly well represented in the hierarchy of the Bank of Russia in comparison with the West. Like the US, the head is a woman — Elvira Nabiullina.

RT
Rapid rise of the ruble is over – Bank of Russia