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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, Oct. 25


AVA Expo, the eighth edition of the event revolving around all things pop, returns to Lenexpo this weekend. Geeks, nerds, dweebs and dorks will have their chance to talk science fiction and explore a variety of international pop culture. Tickets for the event can be purchased on their website at avaexpo.ru.



Sunday, Oct. 26


Zenit St. Petersburg returns home for the first time in nearly a month as they host Mordovia Saransk in a Russian Premier League game. Currently at the top of the league thanks to their undefeated start to the season, the northern club hopes to extend the gap between them and second-place CSKA Moscow and win the title for the first time in three years. Tickets are available at the stadium box office or on the club’s website.



Monday, Oct. 27


Today marks the end of the art exhibit “Neophobia” at the Erarta Museum. Artists Alexey Semichov and Andrei Kuzmin took a neo-modernist approach to represent the array of fears that are ever-present throughout our lives. Tickets are 200 rubles ($4.90).



Tuesday, Oct. 28


The Domina Prestige St. Petersburg hotel plays host to SPIBA’s Marketing and Communications Committee’s round table discussion on “Government Relations Practices in Russia” this morning. The discussion starts at 9:30 a.m. and participation must be confirmed by Oct. 24.



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