Euro's value drops below 92 Russian rubles in latest exchange rate.
In a move aimed at managing the Russian economy and addressing inflation, the Central Bank of Russia announced changes to the official exchange rates of several major foreign currencies against the Russian ruble on July 9, 2025.
The official exchange rate of the American dollar against the Russian ruble saw a decrease, with one dollar now equating to 78.1682 rubles, a reduction of 55.03 kopecks. Similarly, the euro's official rate against the ruble was decreased by 92 rubles, meaning that one euro is now worth 91.9667 rubles. The official rate of the Chinese yuan against the Russian ruble was also lowered by 12.11 kopecks.
These adjustments come after the Central Bank of Russia lowered its key rate by 100 basis points to 20% in June, citing a desire to maintain tight, but less restrictive, monetary conditions to meet inflation targets. The Russian government has also been selling foreign currency, including yuan, from the National Wealth Fund to address a growing budget deficit caused by reduced oil and gas revenues.
It's important to note that these changes do not necessarily mean that the ruble has strengthened against these currencies. Instead, they make these foreign currencies worth more in terms of rubles, weakening the ruble.
In a further development, the Central Bank of Russia has announced a meeting on July 12 to discuss further changes to exchange rates. This meeting will provide insight into the bank's future strategies and its ongoing efforts to stabilise the Russian economy.
Meanwhile, other major currencies have seen changes in their exchange rates against various local currencies. For instance, the euro's official rate against the Japanese yen was decreased by 0.36 yen, while the official exchange rate of the euro against the Swiss franc was lowered by 0.46 Swiss francs. The official exchange rate of the American dollar against the Swiss franc was also decreased by 0.48 Swiss francs.
However, it's crucial to differentiate between official exchange rate adjustments and market forces. While the Central Bank of Russia has been selling foreign currency to manage liquidity and budget shortfalls, it has not explicitly "lowered" the official exchange rates of the euro, US dollar, and Chinese yuan against the ruble on July 9, 2025. Instead, these changes are a result of broader economic trends and policy decisions related to the Russian economy and central bank.
Anastasia Smirnova, a correspondent for RIA "Novy Day," is reporting on these developments and providing updates as more information becomes available.
The Central Bank of Russia's decision to lower the official exchange rates of the American dollar, euro, and Chinese yuan against the Russian ruble indicates potential implications for the finance industry, particularly in banking and insurance. This move is part of the bank's ongoing efforts to manage the Russian economy and address inflation concerns, as highlighted in their policy decisions and strategies.
