Bloomberg Economics
@economicsPresident Vladimir Putin say Russia needs the ruble "a little stronger” to meet the government’s budget needs https://t.co/B6gKVuV31T
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The Russian ruble has experienced a significant rebound, climbing as much as 4% against the dollar, following the Kremlin's decision to reintroduce capital controls. President Vladimir Putin has ordered the mandatory sale of foreign currency revenues to strengthen the ruble and meet the government's budget needs. This move has led to the ruble soaring past 96 to the dollar, reaching a more than two-week high. The reintroduction of capital controls aims to stabilize the Russian currency and address the country's economic challenges.