Topic: Russian Ruble Surpasses Brazil’s Real as Year’s Best-Performing Currency - page 3. (Read 609 times)

No, as always, you understand completely wrong. You know, my keys my coins!
I can deny you at any time to force me to exchange my BTC for ETH!

The US and the EU can deny Russia's central bank to use of their currencies because they don't want to let go of their money for garbage!
On the other hand, the CB of Russia is telling their people to not try to buy USD or EUR because they are not allowed, despite those rubles being their own money!

Think who has the keys in this analogy and understand who the one telling others they are not allowed to use their own money as they wish is here! Besides, this is not the USSR, you can't simply fake everything that happens in that country, I know even guys in telegram channels dedicated to mining are talking about how to get USD on the black market, or use yuans to swap it, so the fiat is there, is just that the government doesn't want you to get it.

For a guy who comes from a country that banned even this forum, I'm certainly amazed that you can't understand basic things while you still keep coming here daily, well, less for actually discussing bitcoin and more for Russian propaganda but I do somehow understand the desperation in some, I've seen it numerous times in the last 4 decades.

Do I understand correctly that you are now blaming the United States and the European Union for imposing sanctions on the import of cash dollars and euros into Russia, thereby limiting the freedom of Russians to buy them?

You don't even realize how small that amount is.
I'm pretty sure you think this is some sort of balance for the good exports or imports, no it's not, otherwise, you wouldn't have it at half a billion a month while Chinese Russian exchanges were 10 billion a month in goods.
Those are fx, if you don't like the comparison with the largest trade block in the world, btw I do have to say I like you finally admit Russia is a tiny drop that doesn't matter, then go and look at the fx options on some other markets, choose the yen yuan pair for example or look at the overall moex exchange data, you will see that 300million is day is nothing! China and Australia have a swap agreement, again this is a swap agreement, so it means guaranteed fixed! rates agreed by both parties of 30 billion a year!


Things like the freedom of doing whatever I want with my money, or stuff like that?
Oh, I forget, as previously said, this is rubletalk not bitcointalk! My mistake!

I never said that the CNY-RUR volumes can be compared with EUR-USD volumes. If taken as a single bloc, European Union is the largest economy in the world and they conduct almost all of their trades in EUR-USD. That said, $4 billion per month is not a small amount. And more importantly, it is growing at an astounding pace. An increase of more than 10x is astonishingly high. And this comes after several rounds of failed attempts by the Chinese government to elevate the CNY to the position of global trade currency.

A simple question to the author - if you are so confident in the amazing performance of the ruble, and in general the prospects for the Russian economy, why are you not investing your assets in the ruble? Well, to be honest - having such insider information, such stability and guaranteed growth of the Russian economy, it is foolish not to use the information! Or is it so, for the soul information?

In general, people who give positive forecasts for the Russian economy and the ruble, for some reason, are in no hurry to invest there
Have you watched an interesting experiment in Russia? The presenter approaches the men on the street and asks the question - are you a patriot? What are you ready to do for Russia? Ready to fight against Ukraine. And they are like "yes, I'm ready right now, I'll kill everyone, I'll capture everything, we are the strongest, we have the best weapons, I'm not afraid of anyone." Well, Rimbaud. And the presenter says - ok, here we have a notebook here, give us your data, we will first of all call you up for military service. By the middle of the last sentence, exactly 100% of those who were "patriotic heroes" 10 seconds ago quickly quickly leave the interview site and do not respond to shouts and the question "where are you running away? We need to save our homeland!" The glorifiers of the growth of the Russian economy behave in the same way - they told a fairy tale and ran away from the Russian economy that is going to hell

The import of cash dollars and euros into Russia was banned by Western sanctions, it seems, as early as the beginning of March. But even if you buy cash dollars and euros, the question is why? Previously, people bought to go to Europe to relax on vacation, and now they go to rest in the Crimea. Or to Turkey, but it seems they also willingly accept rubles there. Dollars and euros lost confidence in themselves in Russia, due to Western sanctions and the freezing of funds of the Central Bank of Russia.

What about cash, like in any normal country, from Mexico to Japan from Nigeria to Bangladesh?
Oh wait, I just said normal!


But, but UnionPay!
Oh, again, I forgot, China said a big no thank you!
https://www.rbc.ru/newspaper/2022/04/21/625ffd519a7947196d66f36c


Of course, that's why you're banning people from buying them..
Remember those times when one soviet ruble was 1.35 dollars and 0.10 on the black market? Tell me one difference between those times and now!

In Russia, you can buy non-cash dollars and euros in a bank or on a currency exchange, the question is why? Even if you transfer them to the West through a bank that is not under sanctions and is not disconnected from Swift, and pay for some European or American goods, you will have logistical problems with delivery. Therefore, dollars and euros in Russia are not particularly in demand now, and the ruble is growing.

It's a never-ending surprise how easily the attitude of people changes and they forget where we are, on bitcointalk.
Suddenly everyone forgets all their hate about fiat money, forgets about control, forgets about priting money and cheers the most dictatorial system in the world just because they want to take Russia's side.
You have currency control, you have banks restricting your access to your money, you have the government forcing you to convert your own money again with a choice but no, let's cheer this move because what Russia does it's so great!

Seriously, if Russia is such a  powerhouse of an economy, if the ruble is backed by billions in oil and gas, why are your people here and talking about bitcoin, why don't you invest in the ruble and be done with it?


So why aren't they allowing people to buy $ at that exchange rate, that for sure would weaken the currency...oh ..wait..a fake problem, just how everything about the ruble is fake.


You might want to check the euro-usd volume, it's not in months but days and not billions but trillions. Challenge my ass.
Oh btw, don't forget, one month has either 30 or 31 days if we exclude February, it never has 40!

1. They are asking to be paid in rubles for all the natural gas there is everything that they can sell as well.
2. The country is trying to still get some control over the people's money by forcing them to sell the international currencies that they might be holding and making the domestic currency stronger

This definately works and is working but how long till they are able to maintain this ? They won't be able to maintain this control for long since this is going to go away sooner or later and then they would have a long crash ahead of them, I do not think that this buffer system would work for long.

OK.. now it is a bit more clear. I was surprised when the Ruble weakened in the last few days from high-50s to mid-60s. But as you mentioned, it strengthened once again to 1 USD = 63 RUR. The Central Bank maybe looking for an exchange rate somewhere in the vicinity of 65-70. BTW, there are reports that the Yuan-Ruble trade has surged by more than 1,000%. Monthly volumes are now more than $4 billion, and this is one of the most significant challenges USD has faced till date in international trade.

https://www.bloomberg.com/news/articles/2022-05-30/yuan-ruble-trading-explodes-as-america-s-rivals-rebuff-dollar

What's the big deal with this? Even the subheading itself of the article you are quoting suggests that this is net negative. The positive thing is that the ruble has become the "world’s best performing currency this year." On the other hand, this is because of the "capital controls imposed by Russia" and that "not many people can pocket a profit on the rally." That's 1 good news against 2 bad news.

Moreover, the news article also says that aside from imposing capital controls, Putin has also "forced exporters to sell foreign-exchange." That's besides "demanding its natural gas be paid for in rubles." That's a lot of extremes just to save the ruble from falling.

Still, however, "strategists say the rally isn’t credible as many currency-trading shops have stopped dealing in the ruble on the grounds that its value seen on monitors is not the price it can be traded at in the real world."

Also, that Russia succeeded, at least so far, where Turkey and Argentina failed doesn't amount to so much. It could simply mean Turkey and Argentina, fortunately or unfortunately, lack a Putin who's got a much tighter grip on everything within the country.

It looks like you do not understand the essence of the problem that is now facing the Central Bank of Russia. He now needs not to strengthen the ruble, but rather weaken it - in order to benefit from Russia's huge trade surplus. Therefore, the reduction in the mandatory rate of sale of foreign currency for exporters to 50%, and the increase in the period of mandatory sale to 120 days (which actually completely cancels it). And the problem is that it seems that this is not enough - after the recent sharp reduction in the key rate, the ruble has weakened, but now it has begun to strengthen again. Because Europe now needs rubles to buy gas, and in Russia no one needs dollars and euros because of the loss of confidence in them and high sanctions risks.

I analyzed both sides of the argument here. IMO, the Russian central bank doesn't need to manipulate the currency in a big way to prop up the Ruble. Corporations such as Rosneft and Gazprom are required by law to convert 50% of their forex revenues to Ruble (it was 80% a few weeks back, but then the level was lowered by the government). Given the massive oil and gas revenues directed towards Russia, this step is alone to keep the Ruble exchange rates stable for a long time. And from what I heard, the other capital control measures are easing as well.

Thank you for amusing me (I'm sure not only)! Laughed heartily!
I won't talk about the US economy. But about the Russian economy with pleasure, especially since it is so beautiful.
Tell me, is it realistic for you, the economy that is on the world market, over the past few years has reduced its share from 2.4% to 1.7%, is this a powerful economy? And in general, how much or significant? Seriously ! With such success, one can speak about the economy of Burkina Faso, Armenia, Swaziland .. How do they differ from the Russian economy? And yes - they have no gas and oil, for sure !!! But the embargo will fix that very soon. And as one person said, "Russia is Zimbabwe with snow." Let's leave Zimbabwe alone, they are already not pleased that they are compared with Russia, let's take another country. Nigeria! Why ? And because Nigeria can, in many respects, be compared with Russia. In terms of population, Nigeria is larger than Russia. The economy is also resource-based. But only in Nigeria it is really growing, unlike "great Russia"

About the economy - I think a good indicator of the economy will be the standard of living of the country's population, right? So here we are back to Zimbabwe. The poverty rate in these two countries is essentially the same. In Russia, the truth is that propaganda is working to the fullest, telling how all the inhabitants of Russia are prospering, but .. this is a fake. Name me any developed country where ordinary foodstuffs are sold in installments? No, not exclusive giant tuna, from the auction, but ordinary bread and staple foods! I think this can be finished ... Information can be found extremely easily in open sources

Maybe the sanctions are not working. Or maybe its the effect of them demanding oil and gas to be bought in rubles. Or maybe they are manipulating the figures and this is something that they can easily do. Either way I'd take any figure coming out of there with skepticism.


I guess that's one measure of a currency's true strength - whether people trust that it have and will retain value.

The economic breakdown of Russia is based on the perfection of the sanction. They thought every country will participate and join the crusade to lock them down in their own country without any imports or exports but they didn't.
Other countries badly needs gas and oil and without it they will be fucked. Middle-East countries oil distributors didn't have enough to fill all their tanks especially Europe so they'd go back to taking it from Russia.
The only catch is Putin won't accept any currency as payment. They want Ruble.   Demand is high, the circulation is better, and now is the result.

It's all fake.

I've checked in Barcelona and Milano. There are currency exchange booths at the airports. They used to buy rubles, but not anymore. You could travel with a suitcase full of cash, if it's rubles, you couldn't do anything with it. Nobody's buying.

Worked wonders when the USSR invaded Afghanistan!


So was the Soviet ruble.


That was in the '70s, should we go back in time to when Timbuktu was a leading city because of the salt trade?


People can't correlate the rising value because there is no rising value other than on the screens of Russia Today.
The whole exchange rate is fake as hell and you can see that in every clip from Russia, if you look at the exchange rate it looks like those tomatoes are 5$ per kilo, higher than everywhere in the world, apples 3$ per kilo but that's just because the exchange rate is fake, fake as it can possible be faked and that is seen in the prices too.
 

Many said if the american national deficit becomes too large, the united states can simply invade another country to confiscate their wealth. Putin may read internet forums and have decided this is a good idea. If russia lacks GDP per capita they can simply invade and pillage ukraine to elevate their native GDP stats. (Sad it is, Putin may merely be echoing sentiments internet trolls made for many years.)

I got the impression russia's ruble is backed by petroleum reserves, natural gas and other commodities.

Venezuela was the wealthiest nation in south america when their currency was backed by oil commodities. Decline of oil exports made bolivar hyperinflation possible.

Overprinting of fiat currency trends with declining value. I am interested to know how people correlate the rising value of the russian ruble with Putin overprinting it. Russia is not close to being the worst offender as far as overprinting fiat currency goes.