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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 currencys continued plunge could cause a spike in inflation.

The euro climbed 55 kopecks to 48.02 rubles on Wednesday evening in Moscow, the rubles weakest showing against the European currency since trading began. The dollar rose 47 kopecks to 35.20 rubles by the same time, the rubles 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 rubles dive has been among the most pronounced.

Related: Ruble Continues Fall, Lowest Level Since 2009

The Russian currency traded Wednesday outside the central banks 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, Aug. 23


Uppsala Park plays host to Fairy Noon today, a performance of five separate fairy tales ranging from folk classics to more haunting selections. There will be three different renditions of the tales throughout the day and tickets start at 500 rubles ($13.80) for adults and 300 rubles ($8.30) for children.


Classic Finnish cartoon characters the Moomins expect to receive a warm welcome from Russian fans during todays Moomin Festival at the Pearl Plaza Shopping Center at 51 Petergofskoye Shosse. Become a kid again or introduce a new generation to the beloved creation of Finnish writer Tove Jansson.



Sunday, Aug. 24


The tortured genius of Dutch master Vincent van Gogh gets his day in the centers Konnushnaya Ploschad during Make Art Like Van Gogh, a daylong celebration of the artist that will allow amateur artists to try and replicate the work that made the famed painter world-renowned.


Experience a variety of dances highlighting the diversity of the world around as at the final day of the Ethno-Dance International Dance Festival that has been at the St. Petersburg Humanitarian University of Trade Unions this past week. Tonights performance will feature Egyptian dancers accompanied by local orchestras.



Monday, Aug. 25


Today kicks off the Elena Obraztsovoy International Competition for Young Vocalists in the large hall of the Shostakovich Philharmonic. Talented youngsters will showcase their range over the next six days before a winner is chosen on Aug. 30.



Tuesday, Aug. 26


Love movies but hate all those words? Then check out Rodina Cinema Centers Factor of Consensus film forum this evening. Silent movie classics from the beginning of the 20th century will be screened and accompanied by a pianist, who will provide the soundtrack for the ongoing action. The screenings begin at 7 p.m. Check Rodinas website for more details.



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