đš Ruble in Freefall: Russiaâs Bold Play to Rewrite Global Currency Rules! đš
The Russian ruble is spiraling toward 100 per dollar, a threshold that would once signal panicâbut this time, the Kremlin seems unbothered. Instead of intervening, Russia appears to be embracing the ruble's decline as part of a bigger strategy. Here's how:
đ„ Why Is Russia Letting the Ruble Crash?
According to insiders, the weaker ruble boosts Russia's budget ahead of increased war-related spending next year.
Despite inflation soaring past double the 4% target, officials suggest a weaker ruble is manageable and works in the stateâs favor.
đ Sanctions Tighten the Grip
Western sanctions have caused foreign currency shortages, worsened after the U.S. set an October 12 deadline for entities to exit the Moscow Exchange.
Capital controls have become stricter, forcing 43 major exporters to sell a large share of their foreign currency earnings in rubles.
â ïž The Yuanâs Role & Payment Struggles
The yuan has replaced the dollar as Russiaâs preferred foreign currency but is also slidingâdown 11% against the ruble.
Exporters are facing payment delays, with many cross-border transactions now taking over a month to process, adding to the liquidity crunch.
đ A New Payment System in the Works?
Putin is looking to shake up the global financial systemâtalks are underway about a BRICS payment network that could leverage blockchain technology. Could this system reduce dependence on the âtoxicâ dollar and set the stage for a new era in international trade?
đ Whatâs Next?
With inflation rising and interest rates back at 19%, the Central Bank is expected to hike rates again soon. As the ruble becomes more common in international settlements, Russiaâs currency strategy is transforming global markets. Will this bold play pay offâor will it backfire?
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