Open

Coming up

Don't miss

Replay


LATEST SHOWS

AFRICA NEWS

2014-07-11 21:47 AFRICA NEWS

Read more

MEDIAWATCH

Finally, a good use for new app "Yo"

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014

Read more

REPORTERS

Exclusive: an unlikely victim of the 'War on Terror'

Read more

#THE 51%

Sweden: A Feminist's Paradise?

Read more

FRANCE IN FOCUS

Politics: parties under pressure

Read more

FOCUS

In Burma, the rise of radical Buddhism

Read more

ENCORE!

Haute Couture: the hand-stitched clothing made in Paris that sells for the price of small yachts

Read more

  • Netanyahu resists international pressure to stop air strikes on Gaza

    Read more

  • Ukraine promises retaliation after rebel assault

    Read more

  • Amazon snubs French free delivery ban with one-cent charge

    Read more

  • Exclusive: an unlikely victim of the 'War on Terror'

    Read more

  • Magnitude 6.8 quake, small tsunami hit east Japan

    Read more

  • The third-place playoff: the World Cup game no one wants to play

    Read more

  • Suspect in Brussels Jewish Museum shooting drops extradition appeal

    Read more

  • Kurdish forces take over two oilfields in northern Iraq

    Read more

  • Are French high school students getting smarter?

    Read more

  • Italy’s Trentin wins seventh stage of Tour de France

    Read more

  • Disgraced Suarez leaves Liverpool for Barcelona

    Read more

  • In pictures: Chanel, Dior and so much more at the Paris couture shows

    Read more

  • French ‘Civic Service’ eyes massive expansion amid huge demand

    Read more

  • In Pictures: Petrol station hit by Hamas rockets

    Read more

  • Manhunt as FIFA partner flees Rio hotel to avoid arrest

    Read more

Russia allows further devaluation of the ruble

©

Latest update : 2008-12-29

The Russian central bank has allowed the twelfth effective devaluation of the ruble in two months. The currency has been under strong downward pressure since the start of the global financial crisis because of the plunge in oil prices.

AFP - Russia on Monday allowed the 12th effective devaluation of the ruble over the past two months, widening the currency's trading band against a euro-dollar basket, the central bank said.

The currency basket, composed 55 percent of dollars and 45 percent of euros, was worth 34.80 rubles compared with 34.31 rubles at the market close on Friday, the RIA-Novosti news agency reported.

The rise in the currency basket's value by 0.49 rubles was slightly larger than the increase of around 0.30 rubles seen after previous such moves.

A Russian Central Bank official confirmed to AFP that it had widened the band within which the ruble is allowed to trade against the basket.

The move -- which effectively amounts to a slight devaluation -- is the 12th such widening since November.

The ruble has been under strong downward pressure since the start of the global financial crisis because of a plunge in the price of oil, Russia's main export, and huge outflows of capital.

Analysts have said the they expect the ruble to continue to weaken in coming weeks, even though officials have promised that there will be no drastic fall similar to that in Russia's 1998 financial crisis.

Date created : 2008-12-29

Comments

COMMENT(S)