Russia loosens capital controls – The ruble is at a two-week high against the dollar

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Russia has eased capital controls as exporters will no longer be forced to convert their profits into foreign currency, the country’s finance ministry said today, according to Reuters.

By May, Russian companies were forced to convert 80 percent of their profits in foreign currency into rubles, a move that analysts say helped stop the ruble from slipping dramatically after freezing about $ 300 billion from central bank foreign exchange reserves by western governments.

This requirement was reduced to 50% last month.

At a two-week high against the dollar the ruble

The Russian ruble strengthened to a two-week high against the dollar today, as the central bank cut its key interest rate by 150 basis points to pre-war levels (9.5%) and eased capital controls.

The ruble is currently at 57.03 against the dollar, the strongest point since May 25, while trading at 61.97 against the euro, which is also a high of more than two weeks.

Source: Capital

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