Posted on 08/09/2023 4:52:15 PM PDT by dennisw
The ruble is one of the worst-performing global currencies of the year, and has declined around 30% from levels in January, when it traded around 65 to the dollar. In July, the currency blew past a key comfort level for the Kremlin, signaling the market's concern for Russia after the Wagner group staged a short-lived coup against President Vladimir Putin.
Economists have been sounding the alarms for Russia's economy for the past year, as the nation has been slammed by sanctions and soaring military spending. Restrictions on oil and natural gas trade led Russia's energy revenue to tumble 45% in first three months of the year. Meanwhile, government spending surged 34%, leading Russia to post a $29 billion budget deficit over the first quarter– a 107% decline from last year's $14 billion budget surplus.
Russia's currency in recent days has plunged to its lowest level against the greenback since the war in Ukraine began. The ruble traded around 96 against the US dollar on Tuesday, a 30% decline from January. Russia's economy is struggling in the face of western sanctions and war in Ukraine, experts say. Russia's currency just plunged to its lowest level against the dollar since the beginning of its war in Ukraine — another sign that the nation's economy is sputtering as the conflict drags on and its economy is burdened with Western sanctions.
The ruble has traded around 96 against the dollar since last Friday. It's the cheapest Russia's currency has been since Putin began his invasion of Ukraine in February last year, which caused the ruble to briefly plummet to 120 against the dollar.
(Excerpt) Read more at msn.com ...
But Fake Tsar Vlad say Russian Ruble Stronk! Russia Stronk!
26 Jul, 2023
The International Monetary Fund (IMF) has raised its growth forecast for the Russian economy in 2023 in its World Economic Outlook report released on Tuesday.
Russia’s GDP is expected to grow 1.5% this year, an upwards revision from the 0.7% increase that the IMF predicted in its April report.
IMF chief economist Pierre-Olivier Gourinchas acknowledged that Russia was able to maintain “quite a bit of momentum in the economy” by taking very strong fiscal measures.
The current revision reflects a strong first half of the year in a number of sectors such as retail trade, construction and industrial production, which were boosted by fiscal stimulus, according to the IMF.
Sputters? I just heard a story that Russia’s economy grew by 1.5% last year.
Thank God our economy is doing great.
Russia’s debt is 25% of GDP.
US debt is 122% of GDP.
We have no right to knock Russia on the handling of their economy.
In reality, our TCMDO puts us at nearly 360%.
“leading Russia to post a $29 billion budget deficit over the first quarter– a 107% decline from last year’s $14 billion budget surplus.“
Done while fighting a major land war and absorbing economic WWIII from the West. Yeah, big trouble in Ruskietown, says the citizen of the country with the 35 trillion dollar deficit.
Not what I read yesterday...Boy my dad was right when he said don’t believe everything you read.
Globohomo is still hoping their sanctions against Russia will work somehow.
One thing that always hurts the USA and helps Russia - oil prices going up.
“Russia’s debt is 25% of GDP. US debt is 122% of GDP.”
The homeless dude downtown has a lot less debt than me. That doesn’t mean he is better off.
Did big floppy shoes come with your Clown suit?
Yes Russia can do no wrong for you. It is a shining beacon of hope for Youse Putin luvin’ kooks here.
“The ruble has plunged to its lowest level against the dollar since war in Ukraine began as Putin’s economy sputters”
These headlines matter less and less as the West runs out of weapons to dump into Ukraine...and as Ukraine runs out of men, particularly those with decent training.
This says more about the Dollar than the Ruble.
Gasoline is 0.55/liter in Russia, vs 1.09/liter in the USA
https://www.globalpetrolprices.com/gasoline_prices/
The Russian economy is doing just fine, we should be so lucky… thanks Joe Biden, thanks neocon warmongers.
Except that a lot of the debt supports that homeless dude and hundreds of thousands of others like them.
Our debt is going to grow as these globalists and their government lackeys help him and his "friends" avail themselves to more of it.
The 96₽:1$ is the official exchange rate set by the Russian central bank. According to Prof. Jeffrey Sonnenfeld, the IMF and others are just repeating what Russia says, when there is no way to verify any of it. Russia has not submitted all the required information to the IMF and World Bank for over a year. and no one outside of Russia is trading rubles on exchanges in any meaningful way. No one knows what the real value of the Ruble or state of Russian economy is, other than it is much worse than what Russia says.
Putin’s economy may be sputtering, but Biden’s economy is on life support. Biden’s sanctions on Russia hurt the USA as much as, or more than Russia.
“Except that a lot of the debt supports that homeless dude “
My mortgage supports the homeless?
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