Deputy Chairman of the Security Council of the Russian Federation, Dmitry Medvedev, called on people to save money in rubles, pointing to the equalized euro and dollar exchange rates. In his Telegram post, Medvedev spoke about the euro and dollar exchange rates, which have equalized for the first time in 20 years. According to the
Russian experts are working on a project to create a two-loop monetary and financial system in the country, according to the Secretary of the Security Council, Nikolay Patrushev, in an interview with Rossiyskaya Gazeta. Patrushev explained that the project involves the provision of the Russian currency with both gold and a range of goods representing
Russian President, Vladimir Putin, instructed on Monday, April 18, to accelerate the transition of Russia’s foreign trade to rubles and national currencies of other countries. He noted that the restrictions imposed by unfriendly countries against the Russian Federation “affected the opportunities of domestic business, hindered the logistics of export and import supplies, and also created
Since April 18, the Bank of Russia has resumed the possibility of selling cash currency from banks to citizens. The permit applies only to the currency that has been received at the banks’ cash desks since April 9. The central bank in early March, against the backdrop of Western sanctions and volatility in the financial
The Central Bank of the Russian Federation has introduced a commission of 30 per cent for individuals when buying currency on the stock exchange. According to the regulator, the commission charged by brokers from individuals when buying currency on the exchange equalizes competition between banks and brokers. “The 30 per cent commission that brokers must
Russian Ministry of Finance has sent to the country’s government a draft federal law “On Digital Currency”, which legislatively prescribes the norms of the concept of regulating the cryptocurrency market in the country. It is planned that with successful testing, citizens will be able to invest in digital currencies in the amount of up to
Russia is forced to sharply reduce dollar reserves and intends to reduce dependence on the US currency due to US actions, as stated by Russian Foreign Minister, Sergei Lavrov, who believes that Washington is doing everything to undermine confidence in the dollar. Russia intends to reduce its dependence on the US dollar, as it believes
The Bank of Russia announced the suspension of currency purchases on the market as part of the budget rule in order to “reduce the volatility of financial markets.” The decision to stop purchases was made after a sharp decline in the ruble exchange rate. During the auction on January 24, the dollar value exceeded 79
In November 2021, Russia continued to reduce investments in US government debt securities to $2.4 billion after $3.7 billion at the beginning of the month, which follows from the data of the US Treasury. The reduction has been going on for several months in a row. Thus, in August, Moscow owned US government securities worth
Russia’s position on macroeconomic indicators is the best in the world, as stated by the Russian Executive Director at the International Monetary Fund (IMF), Alexey Mozhin, in an interview with TASS. “We have the best position in the world in terms of macroeconomic indicators among significant countries: low public debt, a budget surplus in 2021.
The prototype of the digital ruble platform is read and piloting operations with it will begin in January of the coming year, according to the First Deputy Chairman of the Central Bank Olga Skorobogatova. “The prototype of the digital ruble platform is ready. Immediately after the January holidays, we begin piloting operations of the first
Russia is now ranked as the world’s third-biggest bitcoin miner, with the country being responsible for 11.23 per cent of the global “hash rate”, according to the University of Cambridge statistics. The first place in the rating is taken by the US, which accounted for 35.4 per cent of the world’s bitcoin mining power and
The Russian ruble reportedly became the only emerging-market currency to appreciate against the US dollar despite Washington’s threat of expanded curbs on purchasing the country’s state debt. “In September, the currencies of developed markets fell by up to 2 per cent against the dollar, while some currencies of emerging markets, including Brazilian real, Hungarian forint,
