Friday figures showed Russia's GDP expanded by a yearly 4.9% in the second quarter.
The Russian ruble slid past 100 to the U.S. dollar on Monday, nearing a 17-month low as President Vladimir Putin's economic advisor blamed loose monetary policy for the rapid depreciation.The Bank of Russia has blamed the country's shrinking balance of trade, as Russia's current account surplus fell 85% year-on-year from January to July.
This pool image distributed by Sputnik agency shows Russian President Vladimir Putin meeting with the Tver region governor at the Kremlin in Moscow on August 9, 2023.The Russian ruble slid past 100 to the U.S. dollar on Monday, nearing a 17-month low as President Vladimir Putin's economic advisor blamed loose monetary policy for the rapid depreciation.
The ruble has lost around 30% against the greenback since the turn of the year. The Bank of Russia has blamed the country's shrinking balance of trade, as Russia's current account surplus fell 85% year-on-year from January to July.
"A weak ruble complicates the restructuring of the economy and negatively affects the real incomes of the population. In the interests of the Russian economy — a strong ruble,"The central bank on Thursday halted foreign currency purchases for the rest of the year in a bid to shore up the currency, which is fueling fears of rising inflation as Russia attempts to fundamentally transform its economy in the face of increasing isolation and punitive Western sanctions.
The Russian GDP exceeded expectations to grow by 4.9% year-on-year in the second quarter, new figures from the Federal State Statistics Service
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