Several members of the Russian parliament have filed a complaint with the prosecutor's office, claiming that the Bank of Russia has failed to follow its mandate to defend the stability of the local currency.
The Russian currency is all over the newswires this morning (again), losing substantial value in early trading on the Moscow Exchange . It dropped close to 7.5% against the US dollar this morning to later stabilize. Currently, it's trading “only” lower by 3.5%, around 51.80 rubles per US dollar.
The events from today have not been the catalyst for the latest political blame game which unfolded in Russia. The filing with the prosecutor's office came before the market opened in light of the record Russian ruble depreciation last week.
Politicians have been rallying to reassure the Russian public about the stability of the Russian currency ever since the invasion of Crimea to no avail.
However, after the first batch of the rapid declines in value against major currencies in the beginning of the year, the Russian ruble has lost close to 60% of its value against the US dollar.
With the nosedive of the currency, the political establishment has started to seek how to shift responsibility away from the government. Several representatives in the Russian parliament have filed a complaint with the chief prosecutor’s office asking the authority to check on the inaction of the Bank of Russia during the recent collapse in the value of the Russian ruble.
The members of parliament (MPs) have expressed their worries about a Russian ruble float which the central bank has been advocating going forward. Apparently, the Russian politicians prefer to shift the full blame for the ruble’s collapse on the Bank of Russia, and to spend the country’s vast foreign exchange reserves artificially inflating the value of the ruble instead of conceding defeat of the administration’s policies.
According to current legislation, the Bank of Russia has to secure the stability of the Russian ruble irrespective of other government bodies' decisions. However, the behavior of the central bank has been under heavy influence by the political bodies as it still hasn’t raised interest rates high enough to defend the currency.
Unless Russian MPs want to waste the country’s foreign exchange reserves to defend the ailing Russian ruble, they might want to come up with a different set of measures to stabilize the economy.
As long as oil prices remain under heavy pressure, there is no reason to believe that the currency will be relieved from further selling pressure. However, more aggressive central bank action on interest rates cannot be ruled out before its meeting on December 11th.
The Russian currency is all over the newswires this morning (again), losing substantial value in early trading on the Moscow Exchange . It dropped close to 7.5% against the US dollar this morning to later stabilize. Currently, it's trading “only” lower by 3.5%, around 51.80 rubles per US dollar.
The events from today have not been the catalyst for the latest political blame game which unfolded in Russia. The filing with the prosecutor's office came before the market opened in light of the record Russian ruble depreciation last week.
Politicians have been rallying to reassure the Russian public about the stability of the Russian currency ever since the invasion of Crimea to no avail.
However, after the first batch of the rapid declines in value against major currencies in the beginning of the year, the Russian ruble has lost close to 60% of its value against the US dollar.
With the nosedive of the currency, the political establishment has started to seek how to shift responsibility away from the government. Several representatives in the Russian parliament have filed a complaint with the chief prosecutor’s office asking the authority to check on the inaction of the Bank of Russia during the recent collapse in the value of the Russian ruble.
The members of parliament (MPs) have expressed their worries about a Russian ruble float which the central bank has been advocating going forward. Apparently, the Russian politicians prefer to shift the full blame for the ruble’s collapse on the Bank of Russia, and to spend the country’s vast foreign exchange reserves artificially inflating the value of the ruble instead of conceding defeat of the administration’s policies.
According to current legislation, the Bank of Russia has to secure the stability of the Russian ruble irrespective of other government bodies' decisions. However, the behavior of the central bank has been under heavy influence by the political bodies as it still hasn’t raised interest rates high enough to defend the currency.
Unless Russian MPs want to waste the country’s foreign exchange reserves to defend the ailing Russian ruble, they might want to come up with a different set of measures to stabilize the economy.
As long as oil prices remain under heavy pressure, there is no reason to believe that the currency will be relieved from further selling pressure. However, more aggressive central bank action on interest rates cannot be ruled out before its meeting on December 11th.
Interactive Brokers Settles Nasdaq Charges, Agrees to $475,000 Fine
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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