Russia cuts base interest rates

The above interest rates are applied from 4/5 to. Decisions are made in the context Central Bank of Russia assess the risks of price escalation, as well as financial instability that will no longer increase.

During the trading session on April 29, Ruble Russia has significantly appreciated against the Euro and the USD. The ruble gained more than 1.1% against the euro – its highest level in more than two years.

The ruble’s rise is due to existing capital controls, as well as upcoming Russian-supported corporate tax payments after Moscow’s position in a gas dispute with Europe.

However, Russian experts say that the fluctuations in the Russian market are somewhat “mechanical” because the ruble is supported by capital controls, while stocks trade with a ban on short selling and other transactions. Foreign businessmen are prohibited from transferring shares in Russian companies without the permission of the Russian government.

At 9:53 am GMT on April 29 (ie 16:53 on the same date in Vietnam), the ruble rose more than 1.1% against the euro, to 75.43 ruble for 1 euro.

Previously, there was a time when the Russian local currency traded at 74.05 – the highest exchange rate since March 2020.

In addition, the Russian local currency also increased by more than 1.6% against the dollar, at 70.92 rubles to 1 USD. There was a time when this rate was 70.90 – the highest level in the past 6 months.

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