SEEN FROM ELSEWHERE – Despite the war against Ukraine, the Russian currency has appreciated strongly. As if Vladimir Putin had planned everything perfectly. However, the strengthening of the ruble masks an extremely problematic situation for the Russian leader.
By Daniel Eckert and Holger Zschäpitz (Die Welt)
The exchange rate of a currency is one of the indicators of the economic power, and often also of the political stability of a country. If this rule were applied to the Russian rouble, there would be enthusiasm for the Russian economy. The country’s currency is indeed the world currency that has recorded the strongest growth since the beginning of the year. In five months, the ruble has gained 31% against the euro, and 22% against the dollar, the international reference currency. This week, the ruble even broke the record of 2017 against the euro, and is also close to the peaks against the dollar.
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