Remember all the dedollarization hype? I hope y’all didn’t plunge your savings into yuan and ruble.
Speaking of plunge, its been pretty much one-way traffic for the PutinDollar:
The Kremlin has moved to try to stem the losses for the currency.
- announced that 43 of the country’s biggest exporters, including its main oil producers, will be required to sell their earnings from foreign sales on the domestic market for rubles to ensure a supply of foreign exchange
- Russia had imposed similar requirements as the ruble plunged after the invasion of Urkaine in 2022, but then lifted them when the currency recovered
This article was written by Eamonn Sheridan at www.forexlive.com. Source