Russia’s finance ministry and central bank said last week that they would resume foreign exchange interventions for the first time in nearly a year, selling 54.5 billion rubles (about $793 million) of yuan. The sale began on January 13 and will run for three weeks.
Russia is using its $186.5 billion rainy days fund as of Dec. 1 to fund a widening budget deficit and stabilize the economy in the face of tougher Western sanctions over Russian energy sales.
However, analysts say selling foreign currency will strengthen the ruble, further depressing earnings for the Russian ruble as oil and gas export revenues depend largely on global dollar reference rates.
Echo Richards embodies a personality that is a delightful contradiction: a humble musicaholic who never brags about her expansive knowledge of both classic and contemporary tunes. Infuriatingly modest, one would never know from a mere conversation how deeply entrenched she is in the world of music. This passion seamlessly translates into her problem-solving skills, with Echo often drawing inspiration from melodies and rhythms. A voracious reader, she dives deep into literature, using stories to influence her own hardcore writing. Her spirited advocacy for alcohol isn’t about mere indulgence, but about celebrating life’s poignant moments.
