Page 80 - RusRPTFeb24

conversion for dividend payments, and high interest rates also played a role – at least according to comments given by Nabiullina in December. Indeed, the ruble rate is determined by fundamental issues: export opportunities, the demand for imports, and the ruble’s attractiveness as a store of value.
Since October 2022, the ruble has lost ~41% of its value against the U.S. dollar and ~43% against the euro. The re-introduction of capital controls and additional CBR interest rate hikes have led to some stabilization.
Russia’s Finance Ministry plans to limit the export of gold from Russia by individuals, The Bell reports citing the deputy head of the ministry Alexei Moiseyev. After the government imposed export duties on the gold for businesses last October amid the collapse of the ruble, the ministry recorded a surge in gold exports by individuals, according to Moiseev, who did not provide specific figures.
80 RUSSIA Country Report February 2024 www.intellinews.com