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The ruble tumbled on Wednesday to its lowest level in over two years, as a mix of low oil prices, new sanctions against Russian businesses and burgeoning government spending on its war effort put ever-greater strain on the Russian economy.
The central bank reacted by suspending currency purchases for the rest of this year. That will restrict the supply of rubles and should support the exchange rate accordingly.
The ruble has depreciated 18.2% since the beginning of the month.More By This Author:Six Measures Of Core Instantaneous Inflation Business Cycle Indicators For Biden’s Economy In October When You Hear A Critique Of Mainstream Economists (From Someone Who Doesn’t Know What “Mainstream” Economists Do), Run
