Thursday, July 28, 2016


Russia

Russian Currency Hits Lowest Level In A Year

Russians Shrug As Ruble Hits New 2015 Lowi
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December 30, 2015
Russians are used to their currency falling, but the ruble is ending 2015 at some of its lowest levels of the year against the euro and dollar. To Russians who travel, importers, and many others affected by exchange rates, it's yet another blow. But for some, it's just another day. (Reuters)
WATCH: Russians Shrug As Ruble Hits New 2015 Low

The Russian ruble hit its lowest level in a year against the U.S. currency on December 30, falling to 73.2 rubles per dollar.

The ruble lost 40 percent of its value last year and is now 20 percent down compared to a year ago as the country's economy suffers from the effects of Western economic sanctions and plunging oil prices.

The Russian economy has been hit hard by sanctions imposed by the United States, the European Union, and other countries because of Moscow's 2014 annexation of the Ukrainian region of Crimea and its support for separatists in eastern Ukraine.

Prices for oil -- Russia's key export commodity -- are currently hovering around 11-year lows.

Russia's Economic Development Minister Alexey Ulyukaev said on December 29 that the government is not so much concerned about the drop in the value of the national currency but rather its volatility, which makes budget planning difficult.

Based on reporting by AP and Reuters

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