The fall of the ruble was intensified by new sanctions on the financial sector of Russia.
The Russian ruble continues to fall, despite the currency interventions of the Central Bank of Russia. On November 28, the ruble fell against the dollar, yuan and euro at trading.
This was reported by the publication “Kommersant”.
The publication notes that suppliers of vegetables and fruits from countries that Russia calls “friendly” have cancelled a number of contracts for export to the Russian Federation due to the fall in the ruble exchange rate.
It is specified that due to the growth of currency risks and the sharp devaluation of the ruble, the Russian Federation has faced the cancellation of export contracts for fruits from Egypt, Turkey and Iran.
In addition, sellers of vegetables and fruits, which are mainly imported from abroad in winter, have already begun to hold on to the goods, expecting prices to rise.
Foreign and Russian manufacturers of household appliances have informed retail chains about a 10% price increase for their products, Russian media write, citing official letters from the companies.
Among those who decided to raise prices were the French SEB-Vostok Group (Tefal, Rowenta, Krups, etc.), Turkish IPH appliances (Beko, Indesit, Grunding, etc.), as well as Russian Kuppersberg and Vard., in addition to the SEB-Vostok Group, raised their selling prices from December 2. The French company announced the increase from January 1, 2025.
The decline in the ruble is exacerbated by a more than 20 percent drop in the stock market this year. Investors are actively withdrawing funds from stocks, preferring deposits with interest rates exceeding the Central Bank's base rate, set at 21%.
This situation is exacerbating inflation, which is likely to exceed the regulator's forecasts. This is contrary to the tough monetary policy measures implemented by the Central Bank, whose base rate has reached a record level since 2003 year.
Analysts expect that by the end of the year the ruble exchange rate could reach 115-120 to the dollar. Some of them are calling on the government and the Central Bank to take measures such as increasing the volume of mandatory sales of foreign currency earnings by exporters and reducing government purchases of foreign currency.