The real effective exchange rate of the ruble fell by 29.7% over nine months

The real effective exchange rate of the ruble in the first nine months of 2023 decreased by 29.7%, in September it increased by 0.2%, should from the assessment of the dynamics of the ruble exchange rate by the Central Bank of the Russian Federation.

It is clarified that the average nominal exchange rate of the dollar to the ruble since the beginning of the year was 82.12 rubles, the euro – 89.03 rubles, the yuan – 11.65 rubles.

The real effective rate characterizes the dynamics of exchange rates. It is calculated by taking a weighted average of the exchange rates of all trading partners of the country. The nominal rate reflects the value of a unit of one currency expressed in terms of another, and does not take into account inflation or reflation in the country whose currency is being exchanged.

During trading on October 9, the dollar exchange rate exceeded 102 rub. for the first time since March 23, 2022, the euro is 107 rubles, and the Chinese yuan is 13.9 rubles. However, later that day the dollar fell below 100 rubles. As of 16:23 Moscow time on October 13, the American currency on the Moscow Exchange is trading at 97.3175 rubles. (-0.12%), European – 102.38 rubles. (-0.42%), yuan – 13,305 rubles. (+0.04%). At 16:11 Moscow time, the dollar fell below 97 rubles.

How wrote Earlier, Vedomosti, the Central Bank identified five factors that help stabilize the ruble exchange rate. These include an increase in the rate, a refusal to purchase foreign currency on the domestic market within the framework of the budget rule, the development of a mechanism for converting national currencies used in external payments, a new export duty linked to the exchange rate, as well as sales of currency as part of mirroring investments from the National Welfare Fund.

The Board of Directors of the Central Bank at a meeting on September 15 raised the key rate by 1 percentage point to 13%. This was the third consecutive increase in a month and a half: first, the Central Bank raised the rate at a meeting on July 21 by 1 percentage point to 8.5%, and then unscheduledly increased the rate on August 15 immediately to 12%.

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