The rouble weakened sharply on Monday, reversing some of the previous week’s gains, after Russia relaxed temporary capital control measures aimed at limiting a drop in the currency. Shares in Rosbank, a Russian subsidiary of French bank Societe Generale, jumped 40 percent after SocGen said it would quit Russia and take a 3 billion euros ($3.3 billion) income hit from selling Rosbank to Interros Capital, a firm linked to Russian oligarch Vladimir Potanin. By 1500 GMT, the rouble had lost more than 4 percent of its value in jittery trade, sliding to 79.45 to the dollar, and was down 4.5 percent to 86.45 against the euro. During the trading session on Moscow Exchange, the rouble fell to 82.0950 against the dollar, from the 71 roubles hit on Friday which was its strongest since Nov. 11. Late on Friday the central bank said it would scrap a 12 percent commission for buying foreign currency …
Rouble Falls as Russia Relaxes Capital Controls; Rosbank Shares Jump 40 Percent
April 12, 2022
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