Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

No Strong Ruble

The government and Central Bank are working to keep the ruble exchange rate from strengthening in an attempt to make Russian exports more competitive, a top government official said Tuesday.

The ruble has remained stable since the 1998 crisis and has even gained some value as Russia’s economy was lifted by the high price of oil, a major export.

The currency traded Tuesday at 27.80 rubles per U.S. dollar, stronger than the 32 rubles per dollar written into the 2000 budget.

Deputy Prime Minister Alexei Kudrin said the government and Central Bank have developed policies to prevent the exchange rate from rising, which include measures to put an end to the barter deals that pervade the economy.