The Governor of the Central Bank of Russia Nabiullina
It is very likely that the powerful central banker will raise the benchmark interest rate this month.
(Photo: Portal)
Riga officials bragged about the strong ruble shortly after Russia invaded Ukraine last year. Now, almost 17 months later, the picture is different: the Russian currency is falling, for the first time since March 2022 investors are getting more than 100 rubles for one euro.
At the same time, the economy collapses. According to information from the Ministry of Finance in Moscow on Friday, the Russian state budget has clearly fallen into the red in the first half of the year. The deficit is 2.6 trillion rubles (26 billion euros), according to the ministry. The huge spending for the war against Ukraine is apparently putting a huge strain on the state coffers. Western sanctions are reducing revenues from oil and gas exports, and huge labor shortages are slowing the economy.
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