Home Business NewsBusiness Ruble tanks as the world shuns Russia

Ruble tanks as the world shuns Russia

by LLB Reporter
9th Mar 22 12:22 pm

The ruble has collapsed to record lows, reaching as little as 1.55 to the dollar.

The Bank of Russia today said that trading on Moscow’s foreign exchange and money markets would restart on Wednesday. This is expected to stem the sharp sell off in the ruble and move towards safer currencies such as the dollar.

Russia has banned foreign currency sales for six months, its latest measure to attempt to avert a deep economic crisis and run on the Russian ruble.

The Central Bank said Tuesday night that banks and brokers would be prohibited from selling dollars, euros and other foreign currency in exchange for rubles until at least Sept. 9, 2022.

Since markets reopened the ruble has slipped from 1.27 to the dollar to 1.33.

The central bank confirmed stock markets would remain closed again, having been shuttered since 28 February.


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