{"id":249296,"date":"2023-09-17T10:46:07","date_gmt":"2023-09-17T10:46:07","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=249296"},"modified":"2023-09-17T10:46:07","modified_gmt":"2023-09-17T10:46:07","slug":"russia-battles-with-inflation-and-rouble-impact-economy","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/russia-battles-with-inflation-and-rouble-impact-economy\/","title":{"rendered":"Russia Battles with Inflation and Rouble Impact Economy"},"content":{"rendered":"<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bnreport.com\/en\/\"><strong>BNR<\/strong> <\/a>&#8211; Amid concerns about inflation, Russia is grappling with a weakening rouble, especially after a rise in lending rates.<\/p>\n<p style=\"text-align: justify;\">In August, the central bank raised the lending rate to 12%, marking a substantial 3.5% jump.<\/p>\n<p style=\"text-align: justify;\">The move came following the rouble\u2019s decline against the US dollar.<\/p>\n<h1 style=\"text-align: left;\"><strong>Rouble Value Drops<\/strong><\/h1>\n<p style=\"text-align: justify;\">Indeed, the rouble showed marginal signs of improvement after the rate hike. However, it still hovers at approximately 95 to the US dollar.<\/p>\n<p style=\"text-align: justify;\">This is a stark contrast from last year\u2019s position when it was trading at around 60 to the dollar.<\/p>\n<p style=\"text-align: justify;\">The central bank\u2019s decision to raise borrowing costs is primarily aimed at combating rising prices.<\/p>\n<p style=\"text-align: justify;\">The price hikes are a consequence of Russia\u2019s increased imports and decreased exports, particularly concerning oil and natural gas.<\/p>\n<p style=\"text-align: justify;\">Additionally, this shift in trade dynamic has led to a smaller trade surplus, resulting in pressure on Russia\u2019s currency.<\/p>\n<p style=\"text-align: justify;\">\u201cExport revenues from oil sales are our most important source of income,\u201d said Ruslan Grinberg, the scientific director of the Institute of Economics of the <a href=\"https:\/\/www.ras.ru\/indexeng.html\">Russian Academy of Sciences<\/a>. \u201cThese incomes have already decreased by about 40-45 per cent, and it looks like this trend will continue.\u201d<\/p>\n<h2 style=\"text-align: left;\"><strong>Shortage of Labour in Russia<\/strong><\/h2>\n<p style=\"text-align: justify;\">However, it\u2019s not just economic factors that pose challenges. Russia is also grappling with a shortage of labour.<\/p>\n<p style=\"text-align: justify;\">Even prior to the conflict, Russia faced a dilemma due to its low birth rate, resulting in fewer workers.<\/p>\n<p style=\"text-align: justify;\">Post-invasion, a considerable \u201cbrain drain\u201d of talent has occurred, with many skilled individuals relocating to former Soviet states like Georgia.<\/p>\n<p style=\"text-align: justify;\">Additionally, a huge percentage of men have enrolled in forced conscription in the army.<\/p>\n<p style=\"text-align: justify;\">Despite these several obstacles, the Russian government recently analysed its 2023 economic development forecast.<\/p>\n<p style=\"text-align: justify;\">It currently projects a 2.8% rise, with a possibility for a 2.3% GDP growth in 2024.<\/p>\n<p style=\"text-align: justify;\">These predictions, however, are met with scepticism amidst the country\u2019s current economic struggles.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BNR &#8211; Amid concerns about inflation, Russia is grappling with a weakening rouble, especially after a rise in lending rates. In August, the central bank raised the lending rate to 12%, marking a substantial 3.5% jump. The move came following the rouble\u2019s decline against the US dollar. Rouble Value Drops Indeed, the rouble showed marginal [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":249299,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[207],"tags":[278,1165,12588,7893,974,6850],"class_list":["post-249296","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world","tag-featured","tag-inflation","tag-rouble","tag-ruble","tag-russia","tag-ukraine"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Russia Battles with Inflation and Rouble Impact Economy - Business News Report<\/title>\n<meta name=\"description\" content=\"BNR - Amid concerns about inflation, Russia is grappling with a weakening rouble, especially after a rise in lending rates.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/russia-battles-with-inflation-and-rouble-impact-economy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Russia Battles with Inflation and Rouble Impact Economy - 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