Russia's ruble hits lowest level since early in conflict

Описание: (14 Aug 2023)
FOR CLEAN VERSION SEE STORY NUMBER: 4448995

++PLEASE NOTE: AP IS OPERATING IN RUSSIA ACCORDING TO RUSSIAN RESTRICTIONS ON ALL REPORTING RELATED TO THE ONGOING MILITARY OPERATION IN UKRAINE++

ASSOCIATED PRESS
Moscow - 14 August 2023
1. Various of exterior of Bank of Russia
HEADLINE: Russia's ruble hits lowest level since early in conflict
ANNOTATION: The Russian ruble has reached its lowest value since the early weeks of the special military operation in Ukraine.
2. Various of people passing by metro station
ANNOTATION: Analysts say this is because of increased defense spending, leading imports to rise and falling exports, particularly in the oil and natural gas sector.
ANNOTATION: Importing more and exporting less means a smaller trade surplus, which typically weighs on a country’s currency.
3. Various of bank exterior with screen showing currency exchange rate
ANNOTATION: The Russian currency passed 101 rubles to the dollar Monday, continuing a more than 25% decline in its value since the beginning of the year.
4. Various of people waiting at bus stop
ANNOTATION: This led Russia's central bank to announce an emergency meeting for Tuesday to review its key interest rate.
5. SOUNDBITE (Russian) Vladimir Bessosedniy, 63, retired teacher:
“Prices will rise, which means that the standard of living will fall. It has already fallen, it will fall even more. There are more and more poor people, that’s for sure.”
6. SOUNDBITE (Russian) Nikolay Rubtsov, 20, geophysicist:
“This is all temporary. I think everything will be back to normal soon. I don’t think it can last long.”
7. Various of Kremlin exterior
ANNOTATION: After Western countries imposed sanctions after the military operation in Ukraine in February 2022, the ruble plunged as low as 130 to the dollar.
8. Various of Spasskaya Tower exterior
ANNOTATION: But the central bank enacted capital controls that stabilized its value.
STORYLINE:
The Russian ruble has reached its lowest value since the early weeks of the special military operation in Ukraine as Moscow increases military spending and Western sanctions weigh on its energy exports.

It led Russia's central bank to to announce an emergency meeting for Tuesday to review its key interest rate.

The Russian currency had passed 101 rubles to the dollar Monday, continuing a more than 25% decline in its value since the beginning of the year.

The ruble recovered slightly after the central bank’s announcement.

Russian President Vladimir Putin’s economic adviser blamed the weak ruble on “loose monetary policy” in an op-ed for state news agency Tass.

He says a weak ruble “complicates economic restructuring and negatively affects people’s real incomes.”

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