Flying under the radar for investors who are grappling with inflation and global stock corrections right now is one of the world’s best performing currencies.
It just happens to be housed one of the world’s most vilified nations, and few investors may be willing to go near it, for obvious reasons. Tight capital controls, imposed shortly after the invasion to keep Russian exporters from abandoning the currency are part of the story of the ruble’s strength. The other half is high oil and gas revenues, with some EU countries setting up ruble accounts to buy Russia’s gas as the bloc struggles to get a cohesive ban on the country’s energy.
A strong ruble has helped stabilize soaring prices in the country, noted William Jackson, chief emerging markets economist at Capital Economics. “At the same time, the Central Bank of Russia also noted that financial stability risks have eased and suggested that policy makers’ emphasis is shifting to the economy, which is clearly struggling,” he said.
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