The Russian Central Bank claims that the ruble’s weakness is due to lower foreign currency sales by exporters.
Russian exporters reduced their foreign exchange sales in the first days of April, which contributed to a significant weakening in the value of the Russian ruble, the Central Bank of the Russian Federation reported.
The Russian currency fell more than 5% last week and hit its lowest level in almost a year.
After spending much of 2022 as the world’s most profitable currency, the ruble suffered after the West imposed new sanctions on Russian oil exports in the form of a price cap, as well as a European Union (EU) embargo. to maritime exports of crude oil at the end of last year.
Russian exporters are required to convert part of their foreign exchange earnings into rubles to meet end-of-month tax payments and comply with strict Russian capital controls.
The institution also noted that there has been a significant increase in interest in the Chinese yuan.
