Russian Ruble is Year's Best-Performing CurrencyChris Menahan
May. 12, 2022
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The Russian ruble, which Biden said two months ago had been "reduced to rubble," is the world's top performing currency of 2022.
"As a result of our unprecedented sanctions, the ruble was almost immediately reduced to rubble," Biden said on March 26. "The Russian economy is on track to be cut in half. It was ranked the 11th biggest economy in the world before this invasion — and soon, it will not even rank among the top 20."
On Thursday, Bloomberg News reported the ruble has surpassed Brazil's real to become "the world's best performing currency this year."
From Bloomberg, "Ruble Surpasses Brazil's Real as Year's Best-Performing Currency":
Capital controls imposed by Russia have turned the ruble into the world's best performing currency this year, though not many people can pocket a profit on the rally.Talk about cope. The Russian people are profiting off the rally and their economy is surviving through unprecedented economic warfare from the West.
Russia became the most sanctioned country in the world just 10 days into their special operation and additional sanctions have been piling up ever since.
The fact their currency not only survived but thrived in the face of such opposition is a miracle.
Still, the irony of the ruble performing so well while at war is remarkable, especially as other countries that imposed capital controls in the recent past have not achieved the same results. Turkey and Argentina tried similar measures when they faced a horde of sellers in the past few years with disastrous consequences for the lira and the peso, which reached fresh all-time lows and never recovered.Russia actually backed off their plan to add gold-backing to the ruble because their currency was so hot.
Meanwhile, the US is suffering under record inflation.
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