#AceFinanceNews – MOSCOW – May 08 – INTERFAX.RU – Ruble against the dollar and the euro on the Moscow Stock Exchange on Wednesday rose amid allegations of the situation in Ukraine, made by Russian President Vladimir Putin after talks with his Swiss counterpart Didier Burkhalter, now presiding in the OSCE.
The euro exchange rate during Putin’s speech fell 39 cents to $ 48.96 rubles. Simultaneously, the dollar fell to 35.135 rubles, losing 27.5 kopecks to the previous close. Currency basket ($ 0.55 and € 0,45) decreased by 33 cent, amounting to 41.36 rubles.
Subsequently developed ruble success, pushing the dollar to 34.99 rubles. Thus, the first dollar for the first time in April fell below 35 rubles. Euro to 17:53 Moscow time dropped to 48.77 rubles and currency basket fell to 41.19 rubles.
At the same time the dollar and the currency basket updated lows in nearly a month. In addition, for the first time since early April cart was at the levels at which the central bank can not intervene to support the ruble.
The Russian stock market after Putin’s announcement also accelerated the rise. By 17:48 Moscow time the MICEX index rose to 1365.84 points (+3.6%), RTS – to 1226.88 points (+4.6%), while the ruble prices of most “chips” on the Moscow Stock Exchange rose within 10%.
Experts attribute the ruble and stock market growth to the fact that Putin’s statement after his meeting with Burkhalter gave hope for a speedy resolution of the conflict between Kiev and supporters of the federalization of Ukraine, whose performances will continue in the south-east of the country.
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#AceFinanceNews – SIMFEROPOL – April 14 – (QHA) – Crimea to shorten the period of time during which the Russian Ruble and Ukrainian Hryvnia will simultaneously circulate in the region due to the declining value of the Hryvnia, Crimean vice premier Rustam Temirgaliyev announced.
“Amid declining value of the Hryvnia and the possibility of default in Ukraine we have to reconsider the terms of operating two-currency system in the region. We discuss the possibility of a withdrawal of Hryvnia in a short period of time”- he said.
“We discuss the possibility of a significant withdrawal of Hryvnia in case of unrestricted exchange of the Ruble and Hryvnia along with deposit compensation from Ukrainian banks in Crimea Deposit Insurance Agency (DIA).
DIA already opening its offices in Crimea”- Temirgaliev added.
#AceFinanceNews – MOSCOW – March 28 – The Russian joint-stock bank, AB Rossiya, decided on Friday that it would work only with the national currency to protect its customers from dishonest actions by foreign financial institutions.
“In order to protect the bank’s customers from dishonest actions by foreign financial institutions AB Rossiya has decided to operate only in the domestic market and exclusively with the national currency of the Russian Federation – the Ruble,” AB Rossiya said in a statement released on Friday.
“The bank has already notified some US banks that it is closing its correspondence accounts. Similar notifications have been sent to other foreign financial institutions,” the bank said in its statement.
#AceFinanceNews The use of Bitcoins and other Cryptocurrencies carries the risk of violating citizens’ property rights and cannot be used in Russia, the country’s Prosecutor General’s Office concluded after meeting with the Central Bank, FSB, and Interior Ministry.
“The monitoring of the use of virtual currencies shows an increasing interest in them, including for the purpose of money laundering, profit obtained through illegal means,” ITAR-TASS quoted the Prosecutor General’s Office as saying.
“Russia’s official currency is the Ruble. The introduction of other types of currencies and the issue of money surrogates are banned,” the statement says, meaning that Cryptocurrencies – the most popular of which is Bitcoin – cannot be used by Russian citizens or corporations.
Members of the meeting also outlined recommendations on how to prevent the use of virtual currencies.
Last month, Russia’s Central Bank (CBR) warned people against using virtual currencies, as they could be tied to gangs involved in money laundering and terrorist financing. CBR issued a statement stating that virtual currencies are illegal under Article 27 of the federal law ‘On the Central Bank of the Russian Federation.’
Bitcoin is an independent currency which is not regulated by a government and therefore “carries a high risk in devaluation.”
#AceFinanceNews in case the Autonomous Ukrainian Republic of Crimea joins Russia and switches over to the Russian Ruble, both the Ruble and the Ukrainian currency Hryvnia would be used for some time, the Crimean parliament speaker said Monday.
“I think circulation of two currencies is a necessary intermediate stage, because people have many Hryvnias.
The Hryvnia will circulate for some time for people not to have problems. It will be three months if necessary or half a year,” Crimea Supreme Council chairman Vladimir Konstantinov told an Itar-Tass correspondent.