What does Ruble Bengali mean
The ruble is rolling into the basement
The ruble continues to decline. The Russian currency hit a record low on Wednesday. For one dollar you had to pay more than 80 rubles. Since the beginning of the year alone, the ruble has fallen by seven percent compared to the dollar. In comparison, a ruble is now worth little more than a euro cent. The ruble has lost half of its value against the euro since mid-2014.
At this point, the decline in oil prices, which continues today, began. Russia is an important oil-producing country: More than half of the income of the Russian state comes from the energy sector. Traders also said that the collapse in the ruble was due to the drop in oil prices. The price of US crude oil was on Wednesday at its lowest level in over twelve years. The North Sea oil Brent also continued to become cheaper.
Exchange office in Moscow. Inflation in the country is also increasing ..
The stock markets in Russia also continued to decline on Wednesday. On the Moscow Moscow Stock Exchange, the leading index RTS temporarily lost more than four percent to 631 points. "Nothing positive is in sight for Russian investments," said analyst Nicholas Spiro of the consultancy Spiro Sovereign Strategy.
Huge budget gap
According to the Russian government, the drop in oil prices threatens a budget gap of the equivalent of 36 billion euros. Because their income has plummeted as a result of the drop in oil prices, the government in Moscow wants to sell part of the Rosneft oil company. "We now have to make a decision on where to get the money from," Finance Minister Anton Siluanov announced on Saturday. 19.5 percent of Rosneft should be sold, so Siluanow.
Queuing for the feeding of the poor in Moscow
The government wants to take in around one trillion rubles, the equivalent of more than 11 billion euros, by privatizing state-owned companies. In the 2016 budget, the government assumed an oil price of 50 dollars a barrel. But that's currently closer to $ 28. If the difference was maintained, the country would earn more than three trillion rubles less than planned, said the minister.
The population in Russia is now particularly suffering from the problems. According to the statistics office, the number of poor has increased by two million in the past year. The economy shrank by almost four percent during this period, while inflation rose to 13 percent - things only went worse in the crisis of 2008.
ar / zdh (dpa, rtr, afp - archive)
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