Despite economic sanctions, the Russian ruble tops the list of the best performing currencies this year


Despite economic sanctions, the Russian ruble tops the list of the best performing currencies this year



The Russian ruble has become the world's best performing currency since the beginning of this year, despite the imposition of Western restrictions on the movements of cash and capital, as it is currently trading at 67.75 rubles against one dollar, recovering similar levels to its value before the outbreak of the Russian-Ukrainian war.


According to reports from Bloomberg, a network specialized in economic data, the Russian currency continued its gains against the US dollar, rising by 11% since the beginning of this year, outperforming the Brazilian real, which achieved an increase of 9% over the same period.


The Russian government had taken several measures to protect its local currency after strong Western sanctions against Moscow, against the backdrop of its military operations in Ukraine, and besides imposing capital restrictions, Russia forced exporters to sell foreign currency to banks and demand payment of natural gas exports in rubles.


The actual value of the ruble

The US government had raised doubts about the value of the Russian currency, given that some currency trading centers had virtually stopped dealing in the ruble, which means that its value on the screen is not the price that can be traded in the real world, as the US authorities described the ruble’s rebound to the upside as manipulation. Big.


In a similar framework, growth expectations for Russia this year remain unclear, according to the Russian Central Bank, as the gross domestic product is expected to decrease by 8% this year, compared to the pre-war period when it was expected to rise by 2.4%, while the Institute of Finance expects The International Bank for Reconstruction and Development expects a 15% drop in GDP, while the European Bank for Reconstruction and Development expects a recession of 10%.

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