It is very likely that the powerful central banker will raise the key interest rate this month.
(Photo: Reuters)
Riga Shortly after Russia invaded Ukraine last year, authorities boasted about the strong ruble. 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 slipped clearly into the red in the first half of the year. The deficit amounts to 2.6 trillion rubles (26 billion euros), according to the ministry. The enormous expenditures for the war against Ukraine are apparently putting a massive strain on the state coffers. Western sanctions are squeezing revenues from oil and gas exports, and the massive labor shortage is slowing the economy.
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