1 euro is now worth 100 rubles, as the Russian currency keeps devaluating. At the beginning of this year, 1 euro was worth 79 rubles.

7 comments

1. source:[https://www.xe.com/currencycharts/?from=EUR&to=RUB&view=1Y](https://www.xe.com/currencycharts/?from=EUR&to=RUB&view=1Y)

2. Isn’t the Ruble basically a closed system currency now anway? How is the exchange rate determined if a free exhcange isn’T really a thing any more?

3. this is good and bad news for Russia

   good news because salaries and goverment spending is set in rubles,so they get more rubles when they get paid for oil and gas exports( they now get 100 rubles from every euro they get,4 months ago it was 80)

   bad news because imports are getting more expensive,driving up inflation gradually( the reason why the Russian Central Bank will likely keep raising rates in the future,from the curent 7.5 % rate)

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   overall,bad news,since Russia imports a lot of consumer goods from China and other countries,(and they aren’t keen on getting paid in rubles),while producing little by its own in terms of consumer goods

   long term devaluation is inevitable,since rich and Middle class Russians prefer to keep their wealth in foreign currency like swiss francs,dollars and euros, and there is no way to convince them to do otherwise

   Meaning that as soon as someone has ammased some wealth,he will try his best to change it in other currencies,legally or illegally

4. Is the Russian Central Bank running out of means to artificially prop up their currency?

5. Does it even matter?

6. who cares the rubles value is fake anyway

7. Still faring better than Turkish Lira