Vladimir Putin will meet with key officials today to discuss currency controls – Reuters
Vladimir Putin is to meet with key finance officials as the Kremlin considers forcing companies to buy roubles with foreign earnings to prop up Russia’s falling currency.
The Russian president will discuss proposals with the country’s finance ministry as it finalises the plans, which are expected require businesses bringing in Western cash to sell it in exchange for the rouble.
The measures to dispose of “unfriendly” Western money, first reported by Reuters, come after the Central Bank of Russia increased interest rates by a staggering 3.5 percentage points in an attempt to halt its currency’s slide. Russia implemented similar currency controls shortly after the invasion of Ukraine last year.
The rouble briefly fell below 100 to the dollar this week and has tumbled by around 25pc in 2023 as oil export revenues fall and Moscow spends heavily on military equipment to fund its faltering war…
2023-08-16 13:04:51
Source from finance.yahoo.com
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