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Minister Warns of Inflation as Russian Ruble Falls to Record Low

Published: January 30, 2014 (Issue # 1795)



  • The ruble has reached a historic low.
    Photo: Vedomosti

The Russian ruble continued its slide Wednesday to reach historic lows as a government minister warned that the currency’s continued plunge could cause a spike in inflation.

The euro climbed 55 kopecks to 48.02 rubles on Wednesday evening in Moscow, the ruble’s weakest showing against the European currency since trading began. The dollar rose 47 kopecks to 35.20 rubles by the same time, the ruble’s lowest value against the greenback since 2008.

Related: Economist Advises Russians to Dump Ruble, Buy Hard Currency

If the ruble continues to weaken it will result in more expensive imports and could boost inflation, Russian Economic Development Minister Alexei Ulyukayev warned during a Cabinet meeting Wednesday, Prime business news agency reported.

Other emerging market currencies are falling alongside the ruble as the United States winds up giant money printing programs that have buoyed emerging markets, but the ruble’s dive has been among the most pronounced.

Related: Ruble Continues Fall, Lowest Level Since 2009

The Russian currency traded Wednesday outside the central bank’s trading corridor for the second time in 2014, as the regulator failed to keep the currency within the target band.

The central bank, which controls the value of the ruble through interventions on the currency market, has widened the target corridor for the ruble by 65 kopecks since the start of the year.





 


ALL ABOUT TOWN

Tuesday, Oct. 21


The Environment, Health and Safety Committee of AmCham convenes this morning at 9 a.m. in the organization’s office.


Take the opportunity to pick the brains of Dmitry V. Krivenok, the deputy director of the Economic Development Agency of the Leningrad region, and Mikhail D. Sergeev, the head of the Investment Projects Department, during the meeting with them this morning hosted by SPIBA. RSVP for the event by emailing office@spiba.ru before Oct. 17 if you wish to attend.


Improve your English at Interactive English, the British Book Center’s series of lessons on vocabulary and grammar in an informal atmosphere. Starting at 6 p.m., each month draws attention to different topics in English, with the topic for this month’s lessons being “visual arts.”



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