President Vladimir Putin's economic adviser rebuked the central bank as the rouble slid past 101 per US dollar, blaming its 30% year-to-date slump on loose monetary policy and revealing growing discord among Russia's monetary authorities
The rouble has lost around a quarter of its value against the dollar since Putin sent troops into Ukraine in February 2022, as Western sanctions shrink Russia's balance of trade and military spending soars.
The Bank of Russia's next scheduled interest rate decision is on Sept. 15. Asked whether it might make an emergency hike from the current 8.5%, it declined to comment. Higher interest rates would make life harder for borrowers, including companies and the government as itCentral Bank Governor Elvira Nabiullina won plaudits for her handling of the economy in the immediate aftermath of Russia's invasion, but she may be being lined up as a scapegoat ahead of next March's presidential election, as the weak rouble and stubbornly high inflation hurt consumers.
"...every other country is laughing at us, at our rouble being one of the three weakest currencies, thanks to the 'genius' policy of the central bank," he said. "It is being driven not only by lower energy receipts due to the loss of the bulk of the European gas business but also by the success of the G7 oil price cap, the much higher cost of imports due to sanctions and then continued capital flight."its budget rule, with the central bank halting the finance ministry's FX purchases to try to reduce volatility. Analysts widely agreed that those measures alone were too minimal in scope to significantly support the currency.
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