Russia’s rouble gain its value ahead of central bank’s meeting on interest rate

The rouble is on the rise again as it has gained the strong side of 100 against the dollar. This comes after Russia’s central bank sparked expectations of another hefty rate hike in announcing an extraordinary policy meeting for Tuesday.

President Vladimir Putin’s economic advisor reapproached the central bank after its currency slid past 101, which is reportedly due to the loose policy in a sign of growing discord among authorities.

Since Russia’s military actions against Ukraine in February 2022, rouble had lost around quarter of its value, as the Western sanctions took a toll on the country’s trade balance.

On the Moscow Exchange, on Monday, the rouble registered its weakest in 17 months at 101.75 and down 30% so far this year.

Economic advisor to the president, Maxin Oreshkin, earlier stated that the central bank could ensure that the pace of lending plunges to sustainable levels with higher rates.

The central bank has declined to comment over the predictions that the country will have an emergency hike in its interest rates, which currently stands at 8.5%. The Bank of Russia’s next scheduled interest rate decision had been due on September 15.