7 trillion
rubles in the January to November 2017 period alone, according to Bank of Russia data posted on its website today.
The largest volume of imports of Russian
rubles the last five years was in January-August 2008 (78.
The
ruble dropped sharply as markets opened in Moscow and shortly after 2 p.
Following on from other measures to stabilize the
ruble, such as a big increase in its key interest rate to 17 percent, the Central Bank said it will offer dollar and euro loans to banks so they can help major exporters that need foreign currencies to finance operations.
The slide was deepened early this week by concerns Russian oil major Rosneft, which recently issued 625 billion
rubles ($10.
Serbian newspaper Blic reported official s as saying that the Public Debt Administration is analysing the possibility of Serbia tapping the Russian market by issuing government bonds denominated in
rubles worth up to $300m.
There is actually a shortage of
rubles in the Russian money market and banking system.
6 billion
rubles (450 million euros, 660 million dollars) as sales nearly halved due to the global slump.
However all payment information, service costs and personal account balances will be given in
rubles.
On the other hand, they were interested in exploring the possibility of introducing their own national currencies, not only for nationalistic reasons, but also because of: (i) concerns about Russia's ability to achieve price stability in the face of multiple pressures on the budget for social safety nets and subsidies to uncompetitive industries; (ii) fears about large inflows of
rubles from Ukraine following the expected introduction of its national currency in early 1992; and, most importantly, (iii) severe and recurrent shortages of
ruble banknotes supplied by the CBR to the other states, which had made it difficult to increase domestic wages and pensions to compensate for inflation.
When I was in Moscow 11 years ago near the end of the Soviet era, nobody used
rubles.
Our work on a number of business development initiatives in Russia has shown us that if at least 70 percent to 80 percent of the operating costs of a venture can be sourced locally, then even if its only source of revenue is
rubles from local customers, a business has an excellent chance of being profitable.
