It led Russia's central bank to announce an emergency meeting for Tuesday to review its key interest rate, raising the likelihood of an increase in borrowing costs that would support the flagging ruble.
Oreshkin said Russia’s central bank has “all the tools necessary” to stabilize the situation and said he expected normalization shortly. The Russian economy is now “working on different types of state orders related to the war, such as textile enterprises, pharmaceuticals and the food industry,” said Alexandra Prokopenko, nonresident scholar at the Carnegie Russia Eurasia Center and a former Russian central bank official.
Russia typically sells foreign currency to counter any shortfall in revenue from oil and natural gas exports and buys currency if it has a surplus.
Source: Energy Industry News (energyindustrynews.net)
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