According to Glazyev, the fall of the ruble in March is primarily due to the actions of speculators who use exchange robots in trading, and the lack of opposition from the Central Bank
The March depreciation of the ruble after the collapse of world oil prices caused by the collapse of the OPEC + deal could have been prevented if the Bank of Russia “fulfilled its constitutional obligation to ensure the stability of the national currency,” the Minister of the Eurasian Economic Commission said in an interview with RBC (EEC) and former presidential adviser Sergei Glazyev.
“We could stabilize him at any level,” he said.
On March 9, after the parties to the OPEC + agreement failed to agree to extend the deal, the price of a barrel of Brent crude fell by 24.1%, and on March 30 fell below $ 22. In less than two weeks, a barrel of Brent fell in price by more than 40%, and since the beginning of the year – more than three times (on January 8, oil was trading at about $ 72 per barrel). The collapse of oil prices was accompanied by a drop in the ruble exchange rate, for ten days the dollar exchange rate on the Moscow Exchange grew by almost 20%, rising above 81.66 rubles on March 19, while the euro exchange rate exceeded 89.5 rubles.
According to Glazyev, the depreciation of the ruble is due primarily to the actions of speculators who use exchange robots in trading, and the lack of opposition from the Central Bank.