In a bid to stave off red-hot inflation, Russia's central bank halted all foreign currency purchases for the remainder of the year, while actively selling Chinese yuan, in hopes of propping up the ruble.
Official inflation rates hit a year-on-year peak above 9% percent in August, and continue to remain elevated. Political scientist Kirill Rogov believes these figures are likely understating the problem.
The ruble consequently fell below the rate of 114 to a dollar, the lowest level since early March 2022. The Moscow daily Rossiyskaya Gazeta called it a 'panic attack for Russia's currency market.'
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