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Interesting they only mention 2022, because the ruble has been steadily falling since December, and is down about 40% against the dollar year to date. Which means that +$600 billion has now turned into -$170 billion in only 8 months (using the IMF’s estimate of Russian GDP).
The Russian central bank did an emergency rate hike of 3.5% to 12% this week to try and stop the ruble from falling further.
That’s not to say Russian millionaires aren’t still getting richer. I suspect Ukrainian millionaires are too, for the same reason.
Well, the Aussie dollar hasn’t done too well, either, and it’s down to 2 dollars for 1 pound UK, so Labor (and especially Bowen) are doing a great job bankrupting us in record time.
The report was for only 2022, BoN.
Let me guess, the democrat election machine and the bank accounts of democrat career politicians are doing just fine.
Stunningly Low Prices – A Visit to an Average Russian Supermarket
August 17, 2023 | Sundance
Japan Exports Fall in July, Driven by 14.3% Decline in Shipments to China
August 17, 2023 | Sundance
Another trillion-dollar bailout?
Aug 17, 2023
Freedom demonstrated by a NATO member,
When the threat to freedom comes from…Finland
$5.9 trillion is just a number. They can create $US 5.9 trillion in the blink of an eyelid, and every other country in the world, even Russia, will give them whatever resources, produce or output they want for it, even gold. That’s why so many migrants want to go to the USA, its a magic place.
Um, yes Dover, I noticed that. It’s a mystery!
The ruble went over a cliff in about January and has just kept on going down and down and down since then. It seems the great and the good are getting out of Dodge.
The Horrors Of Ukraine And Maui Made Possible By Government Incompetence
How’s the EUro going Bruce of Newcastle?
Up 10% vs the dollar in the same time period.
Which means the ruble is down about 50% vs the euro.
Washington Post:
Pentagon sources say Ukraine’s ‘counteroffensive’ was and is doomed:
https://twitter.com/washingtonpost/status/1692509162893095286
Seems the UBS report was mainly driven by stronger USD and inflation. In fact the year before went the other way.
CL: Biden is probably getting ready to pull the plug ahead of the election. Interesting to watch how Russia plays out as Wagner is carving up huge cash from Niger and related piracy. MBZ can barely find enough freight capacity for the gold.