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| Russia says it will halt foreign currency purchases and launch a digital ruble to keep the currency from spiraling further |
| 2023-08-12 |
| [Business Insider] Russia is halting its purchases of foreign currencies, and is launching a digital version of its ruble as it scrambles to prevent its currency from spiraling even further as war drags on in Ukraine. The nation will no longer purchase currencies on the global market from August 10 through the end of the year, Russia's central bank said in a statement on Wednesday. It will, however, continue to sell foreign currencies located in its sovereign wealth fund worth up to 2.3 billion rubles or $23 million dollars a day, which it has been using to help fund its war against Ukraine. In a separate statement, the central bank added it had begun pilot testing a digital version of the ruble, which it has planned to do since July to prop up its weakening currency. The digital ruble will be tested with a limited number of clients across 13 banks, though the Russian central bank aims to launch the currency for public use by 2025. The moves are part of Russia's efforts to prop up its weakening economy, with the ruble recently plunging to its lowest level since Russia began its invasion of Ukraine in 2022. The nation has been slammed by sanctions which have slashed Moscow's energy revenue. US Dollar to Russian Ruble conversion - Last updated Aug 11, 2023 23:34 UTC $1 USD = 99.995006 Russian Ruble |
| Posted by:Enver Slager8035 |