FAKE ruble?
London (CNN Business)
The barrage of sanctions imposed by the West (led by Joe Biden)
following Russia's invasion of Ukraine decimated the Russian ruble.
But one month after the tanks rolled, the currency has made a full
recovery and is now trading at levels seen prior to the war.
How is that possible?
Russia's central bank has taken dramatic steps in recent weeks to
intervene in the market, implementing policies to prevent investors
and companies from selling the currency and other measures that
force them to buy it.
What has Moscow done to "artificially" boost the falling ruble?
• The central bank has more than doubled interest rates to 20%. That encourages Russian savers to keep their money in local currency.
• Exporters have been ordered to swap 80% of their foreign currency revenues for rubles rather than holding onto US dollars or euros.
• Russian brokers have been banned from selling securities held by foreigners.
• Residents are not allowed to make bank transfers outside Russia.
• Russia has threatened to demand payment for natural gas in rubles, not euros or dollars.
No way they can sustain that artificiality. Their ruble is going to collapse totally unless he withdraws.
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