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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

Saturday, Sept. 20


Starting on Sept. 18 and ending tomorrow is the Extreme Fantasy Wakeboarding Festival in Sunpark by Sredny Suzdalskoye lake in the Ozerki region of the city.


Those after something more laid back can instead head to Jazz and Wine night at TerraVino with legendary jazz guitarist Ildar Kazahanov. 12/14 Admiralteyskaya Emb.



Sunday, Sept. 21


Learn more about African culture and get some exercise during today’s “Djembe and Vuvuzela,” a bike ride starting in Palace Square that includes several stops where riders can listen to the music of Africa or watch short films about the continent. The riders plan to set off at 4 p.m. and all you need to join is a set of wheels.



Monday, Sept. 22


Do you love puppetry? If so, then be sure to go to BTK-Fest, a five-day festival that starts on Sept. 19 celebrating the art. Contemporaries from France, Belgium, the U.K. and other countries will join Russian artists to put on theatrical performances involving a variety of themes, materials and eras. Workshops and meetings are also scheduled for a chance to discuss the artistic medium in further depth.



Tuesday, Sept. 23


Marina Suhih, Director of the External Communications Department at Rostelecom North-West, and Yana Donskaya, HR Director for Northern Capital Gateway are just some of the confirmed participants of today’s round table discussion on “Interaction with Trade Unions” being hosted by SPIBA. Confirm your attendance with SPIBA by Sept. 22.


Kino Expo 2014, an international film industry convention, will be at LenExpo from today until Sept. 26. The third largest exhibition of film equipment in the world, the expo focuses on not only Russia but former Soviet republics as well.



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