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☆ Rouble weakens past 95 vs dollar amid capital controls speculation
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +1 min

The newly designed Russian 100-rouble banknotes are seen at the Goznak printing factory in Moscow, Russia July 6, 2022. It reached a near 17-month low of 101.75 against the dollar on Monday and briefly traded at 92.60 on Tuesday morning. Authorities are discussing bringing back the compulsory sale of foreign currency revenues for exporters, five sources told Reuters. Beyond rate hikes and capital controls, Moscow has some other options, though none particularly favourable. For Russian equities guide seeFor Russian treasury bonds seeReporting by Alexander Marrow; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

Persons: Russian rouble, rouble, Alexander Marrow, Toby Chopra Organizations: Moscow News Agency, Handout, Bank of, Authorities, Brent, Thomson Locations: Moscow, Russia, Russian, Bank of Russia

☆ Tumbling rouble claws back ground as central bank to meet
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +6 min

Putin's economic adviser Maxim Oreshkin earlier said the central bank could ensure that the pace of lending drops to sustainable levels with higher rates. "The central bank has all the tools to normalise the situation in the near future." Asked earlier whether it might make an emergency hike from the current 8.5%, the central bank declined to comment. "The central bank is not fully in control," independent Moscow-based economist Ian Melkumov told Reuters. "The central bank doesn't want to kill the economy and businesses in the same way it had to last year," he said.

Persons: Rouble, Vladimir Putin's, rouble, Putin, Maxim Oreshkin, Oreshkin, Denis Popov, Popov, Matt Vogel, REUTERS Central Bank Governor Elvira Nabiullina, Vladimir Solovyev, Ivan, Timothy Ash, Ian Melkumov, Alexander Marrow, Marc Jones, Gareth Jones, Philippa Fletcher, Christina Fincher Organizations: TASS, of Russia's, FIM, Moscow News Agency, Handout, REUTERS Central Bank Governor, Popular, Kremlin, Reuters, BlueBay Asset Management, Thomson Locations: MOSCOW, Ukraine, Moscow, Russia, London

☆ Russian rouble sinks, Kremlin blames loose monetary policy
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +4 min

"The main source of rouble weakening and accelerating inflation is soft monetary policy," Oreshkin wrote. "The central bank has all the tools to normalise the situation in the near future and ensure that lending rates are reduced to sustainable levels. Last week, Russia effectively abandoned its budget rule, with the central bank halting the finance ministry's FX purchases to try and reduce volatility. "The central bank is not fully in control," independent Moscow-based economist Ian Melkumov told Reuters, although it has aggressive tools that it is currently reluctant to use. "(But) the central bank doesn't want to kill the economy and businesses in the same way it had to last year."

Persons: Kremlin, Rouble, Vladimir Putin's, Putin, Maxim Oreshkin, Oreshkin, Timothy Ash, Ian Melkumov, Alexander Marrow, Gareth Jones Organizations: TASS, Kremlin, of Russia, Moscow News Agency, Handout, REUTERS, Reuters, BlueBay Asset Management, Thomson Locations: MOSCOW, Ukraine, Russia, Moscow, London

☆ Kremlin blames loose monetary policy as rouble slides past 100 vs dollar
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +3 min

"The main source of rouble weakening and accelerating inflation is soft monetary policy," Oreshkin wrote. "The central bank has all the tools to normalise the situation in the near future and ensure that lending rates are reduced to sustainable levels. "It is in the interests of the Russian economy to have a strong rouble." The central bank hiked rates by 100 basis points in July to 8.5%, having held them steady since September. Last week, Russia effectively abandoned its budget rule, with the central bank halting the finance ministry's FX purchases to try and reduce volatility.

Persons: Kremlin, Rouble, Vladimir Putin's, Putin, Maxim Oreshkin, Oreshkin, Timothy Ash, Alexander Marrow, Felix Light, Guy Faulconbridge, Gareth Jones Organizations: Moscow News Agency, Handout, TASS, Kremlin, Bank of, BlueBay Asset Management, Reuters, Thomson Locations: Moscow, Russia, MOSCOW, Ukraine, Bank of Russia, London

☆ Russia extends eligibility for military call-up by at least five years
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +2 min

[1/2] Russian service members take part in a military parade on Victory Day, which marks the 78th anniversary of the victory over Nazi Germany in World War Two, in Red Square in central Moscow, Russia May 9, 2023. It is already raising the upper age limit for men to be called up for compulsory military service to 30 from 27, and has made it much harder for young men to avoid the draft by dodging recruiters handing out call-up papers. Russia also maintains a "mobilised reserve" of men who have signed up to receive periodic military training and a stipend after their compulsory or professional service ends. Defence Minister Sergei Shoigu has said he plans to increase the basic number of combat personnel in service - professional contract soldiers and conscripts - to 1.5 million from 1.15 million. Reporting by Reuters; Writing by Kevin Liffey; Editing by Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Pelagiya Tikhonova, Sergei Shoigu, Kevin Liffey, Sharon Singleton Organizations: Nazi, Moscow News Agency, Handout, REUTERS, State Duma, Defence, Reuters, Thomson Locations: Nazi Germany, Red, Moscow, Russia, Ukraine

☆ Factbox: Why does Russia celebrate Victory Day on May 9, and what does it mean for Putin?
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +4 min

Victory Day is one of Russia's most important public holidays. WHEN WAS THE FIRST VICTORY DAY? In Moscow it was already May 9, which became the Soviet Union's "Victory Day". The Soviet Union celebrated the 20th and 40th anniversaries of Victory Day with Red Square parades in 1965 and 1985. Under Putin, Victory Day increasingly became a muscular display not only of marching battalions but also of Russia's latest weaponry, including warplanes, tanks, and nuclear-capable intercontinental ballistic missiles.

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