Tens of thousands of Russians fleeing President Vladimir Putin’s brutal Ukraine invasion have sent currencies of their neighboring destinations soaring this year, according to a new study.
Armenia’s dram has been the best worldwide performer for 2022, rising more than 22% year-to-date versus the U.S. dollar, according to a Bloomberg report that published Wednesday. Georgia’s lari and the Tajik somoni have gained a respective 16% and 10%, compared with the Russian ruble’s USDRUB 6% gain against the dollar. The ICE Dollar Index DXY is up over 8% so far this year.
Measures by Russia’s central bank to boost the ruble, as global sanctions have rained down on the country after Putin made good on his threat to invade Ukraine, may have still boosted the currency perhaps more than Moscow wanted. The Bank of Russia last week left its key interest rate at 7.5%, following a series of rate cuts that more than reversed a doubling of that rate following the start of the invasion.
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