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Russian Ruble Sags to Record Low
Plunging oil prices pushed the Russian ruble to an all-time low of 85 to the U.S. dollar on Thursday.
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Plunging oil prices pushed the Russian ruble to an all-time low of 85 to the U.S. dollar on Thursday. It was the second consecutive day of record lows for the currency.
The ruble, which was revalued in 1999, has lost more than half its value against the dollar within the last two years, in large part because of the impact on Russia’s oil-dependent economy. The country’s gross domestic product shrank nearly 4% in 2015. The International Monetary fund predicts another 1% of contraction this year before the economy achieves 1% growth in 2017.
Moscow insists this week’s sharp decline in the ruble is “far from a collapse” and says it plans no emergency actions, according to the Associated Press.
Separately, AP reports Russia’s central bank stripped Vneshprombank, a holder of funds for major Russian state companies, of its license after evidence indicating the bank’s leadership had drained the institution’s assets.
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