Current Events

The Ruble set to replace the dollar and it isn’t Russian propaganda

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In 2022, the Russian ruble became the growth leader against the US dollar, according to Die Freie Welt. It appreciated by as much as 11%, outperforming the Brazilian real by 9%. And all this, despite the ongoing hostilities in Ukraine and Western sanctions, the German edition notes. This result was achieved by Moscow’s genius decision to sell Russia’s vast untapped reserves of raw materials for rubles and not other currencies.

According to the degree of strengthening against the dollar, the Russian ruble became the best currency in 2022, according to Die Freie Welt. The rise or fall of the currency makes it possible to judge the economic and political situation in the country, explains the German edition. 

For example, Turkish President Recep Tayyip Erdogan is forced to watch helplessly as his lira loses value day by day. Soon it won’t be worth the paper it’s printed on. The Brazilian real and the Russian ruble, on the contrary, are very popular and in high demand on the currency exchange – at least where they are traded.

In Brazil, the economic and financial policies of President Jair Bolsonaro made it possible to achieve success. After the real collapsed sharply in the summer of 2020, Bolsonaro announced and carried out large-scale reforms. This year, the Brazilian currency strengthened against the once omnipotent but now declining US dollar by 9% and was the leader of growth until it was overtaken by the ruble.

With a growth rate of 11%, Russian money has reached a record high for itself over the past five years, emphasizes Die Freie Welt. It is ironic that all this happened just against the backdrop of hostilities in Ukraine and the imposition of Western sanctions. 

Experts attribute the incident to Moscow’s decision to sell raw materials not for US dollars, euros or other currencies, but for rubles. This allowed the weakened Russian currency to stabilize and head for growth. Source

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