Central Bank employee discloses reasons behind ruble depreciation
First Deputy Chairman of the Central Bank of Russia Ksenia Yudaeva spoke about the reasons for the depreciation of the Russian currency in the domestic market.
The financial and banking expert pointed out that the current depreciation of the ruble is mainly due to the decline in Russia’s trade balance, and said: “The main factor is the trade balance, and two days ago the data on the balance of payments was published when it was noticed that the current balance decreased compared to last year.”
She added that this was due to a decline in export earnings coinciding with a recovery in imports amid economic growth.
She noted that over the past year and a half, the structure of the foreign exchange market in Russia has changed dramatically, and the yuan has become the dominant currency.
The ruble is experiencing a recent decline, as the Russian currency is significantly lower today against the currencies of the US and Europe, and the dollar traded above the level of 90 rubles for the first time since March 2022.