Author: Steven Sahiounie

The retired congressman has slammed the US president for backing a “losing war” as Maui burns President Joe Biden is demanding another $24 billion for Ukraine while the US “disintegrates,” former Texas congressman Ron Paul wrote on Monday, pointing out the unprecedented devastation from the Hawaii fires. It’s “hard to look at recent footage of the devastation in Maui and then hear President Biden tell Congress that he needs another $24 billion for Ukraine,” Paul said. “How can this Administration continue to justify tens of billions of dollars for this losing war that is not in our interest while the rest of the United States disintegrates?”…

Meat and beverages last month saw a year-on-year increase in price by 11.3% and 10.1% respectively, official data shows Prices for food and beverages sold in French supermarkets soared 13.1% in July on an annualized basis, according to the latest data published by the national statistics bureau INSEE. In particular, prices of meat and drinks rose by 11.3% and 10.1% respectively, while other food products saw price increases of up to 15%. Meanwhile, the cost to French consumers of cleaning and personal care products increased by 9.4%. The annual inflation rate in France stood at 4.3% last month, down from…

Around $450 million worth of foreign currency was converted into rubles last month, data shows The drop in the ruble exchange rate against major foreign currencies has prompted many Russians to sell off their dollar and euro holdings, the Bank of Russia said in its monthly financial risks review published this week. According to the regulator, after the Russian currency crossed 90 rubles to the dollar in early July, residents began to get rid of foreign currency, having sold $450 million worth during the month. Most of the sales occurred in the first half of July. Overall, the ruble lost…

Presidential economic aide Maksim Oreshkin has said he expects the Russian currency to stabilize The Russian ruble has slumped to its lowest level versus the US dollar since March 2022, touching 101 against the American currency on Monday, despite rising export revenues and capital controls introduced by the central bank. The ruble also weakened to 111 against the euro, a 16-month low. The ruble hit a record low of 120 against the greenback in March of last year, before recovering to a more than seven-year high a few months later. So far this year, the ruble has weakened by nearly…

Alfa-Bank’s net earnings exceeded $500 million in January-June Russia’s Alfa-Bank on Friday reported a net profit of 52.2 billion rubles ($526 million) for the first half of the year, saying its loan portfolio is at a consistently high level. According to the press release on the bank’s website, it earned $272 million in January-March. Alfa-Bank has not disclosed its earnings dynamics in comparison to 2022, when its profits slumped amid Western sanctions. “Despite the challenges of the first half of 2022 and a one-time loss, the bank has significantly strengthened its market position in terms of total assets and capital,” Alfa-Bank’s…

Sanctions targeting founding member Russia make the step necessary, Reuters quotes Finance Minister Enoch Godongwana as saying The New Development Bank (NDB) set up by the BRICS group of major emerging countries needs to increase local currency fundraising and lending amid Western sanctions against founding shareholder Russia, the South African Finance Ministry has told Reuters. The statement comes as South Africa prepares to host a summit of BRICS leaders in Johannesburg later this month. According to Finance Minister Enoch Godongwana, an increase in local currency use among NDB members will be on the agenda, with the aim of reducing the…

The Russian currency has fallen to a 16-month low against the dollar and euro The value of the Russian ruble has significantly deviated from fundamental levels, according to Russian President Vladimir Putin’s economic adviser, Maksim Oreshkin, who expects the exchange rate to stabilize in the near future. The official stressed that a weak national currency complicates the economy’s structural transformation and has a substantial negative impact on real household earnings. “It is in the interests of the Russian economy to have a strong ruble,” Oreshkin wrote in an op-ed for TASS news agency. Earlier on Monday, the ruble touched its lowest…

The Russian currency has continued weakening against the dollar and euro The ruble’s depreciation poses no risks to Russia’s financial stability, the Bank of Russia’s (CBR) press service told Interfax news agency on Monday. The Russian currency started the week with a decline to its lowest level versus the US dollar and the euro since March 2022, touching 101 against the American currency and 111 against the euro. “Along with a significant reduction in the value of exports, there is an expansion in demand for imports associated with an active growth in domestic demand, including against the backdrop of high…

People are enjoying a normal life, according to Anatoly Aksakov, chairman of the Duma Financial Markets Committee The chairman of the Russian State Duma’s Financial Markets Committee, Anatoly Aksakov, claimed on Monday that the majority of the population is not concerned about the ruble exchange rate. The comments came after the Russian currency slumped to its lowest level against the US dollar in 16 months. The ruble weakened on Monday to 101 versus the greenback and 111 against the euro, the lowest exchange rate since March 2022, before staging a comeback later in the day. “I monitor the ruble-dollar ratio…

The Russian currency had previously slumped to its weakest level since March 2022 The sliding Russian currency reversed losses late on Monday, rising back to the strong side of 100 against the US dollar, after the country’s central bank announced an extraordinary policy meeting set for Tuesday. The ruble was trading 0.8% higher at 98.5 against the US dollar and at 107 to the euro at 5:44pm local time in Moscow. Earlier in the day, the ruble hit a 16-month low of 101 and 111, respectively. The rebound follows an announcement by the Bank of Russia that it had called…