UBS (a Swiss bank) doesn't really have reason to lie about the wealth increase. Is the exchange rate thing just because rubles are less useful internationally because sanctions?
The US has inflation, and if the ruble is worth less dollars then that means Russia has even more inflation.
Obviously all our media wants to paint a picture of Russia doing terribly, but I wonder what the actual picture is. All the companies that left Russia left behind all their shit for Russia to use which if anything helps them keep more production in their own borders.
Lower rouble means that Russian exports are cheaper and more attractive allowing government get more money domestically after conversion thus helping balance the budget. It also means that imports are higher of course, but seems that exports are what's relevant for state budget in Russia. Deficit in Russia is only around 2% of the GDP, compare that to the astronomical deficit US is running.
Also worth noting that rouble value against the dollar doesn't have much practical meaning given that there's very little direct trade between Russia and the west.
What does the lower exchange between the ruble and the dollar mean then? The ruble is worth less dollars than before.
UBS (a Swiss bank) doesn't really have reason to lie about the wealth increase. Is the exchange rate thing just because rubles are less useful internationally because sanctions?
The US has inflation, and if the ruble is worth less dollars then that means Russia has even more inflation.
Obviously all our media wants to paint a picture of Russia doing terribly, but I wonder what the actual picture is. All the companies that left Russia left behind all their shit for Russia to use which if anything helps them keep more production in their own borders.
Lower rouble means that Russian exports are cheaper and more attractive allowing government get more money domestically after conversion thus helping balance the budget. It also means that imports are higher of course, but seems that exports are what's relevant for state budget in Russia. Deficit in Russia is only around 2% of the GDP, compare that to the astronomical deficit US is running.
Also worth noting that rouble value against the dollar doesn't have much practical meaning given that there's very little direct trade between Russia and the west.