Russian President Vladimir Putin stated there was no reason to panic about the ruble’s slide, despite it hitting two-year lows.
- The Russian currency reached its lowest level against the dollar since March 2022 this week, trading at 114 rubles to the dollar.
- Analysts highlighted that Russia is facing pressure from inflation, military spending, and falling oil prices.
- Putin reassured reporters that the “situation is under control, and there are absolutely no grounds for panic,” attributing the ruble’s fluctuations to inflation, budget payments, oil prices, and seasonal factors.
- The ruble has depreciated by 36% in under four months, dropping from about 84 in early August.
- In response to the declining ruble, Russia’s central bank suspended purchases of foreign currency on the domestic market for the remainder of the year to reduce volatility.
