The Central Bank of Russia set the official exchange rate for the Russian ruble at 70.82 against the US dollar for the first time since 1998. The move reminded a terrible default, which happened in the late ‘90s. This kind of news is never welcome, especially ahead of the New Year’s Eve. But global oil prices plunge despite the coming holidays, dragging the Russian ruble further down. The national economy strongly depends on energy sources which are going to extend fall at the beginning of 2016, according to analysts’ estimates. While the official exchange rate rose by 0.6 rubles against the US dollar, it spiked up by 1.26 rubles against the euro. The rate is high, even though it is not at a record level. On the very next day banks started to exchange rubles for euros and vice versa at the new official rate of 79.23. Early February, the euro was worth 78.79 rubles. In official statements, Russian authorities express concerns about such fluctuations of the ruble. Kremlin spokesman Dmitry Peskov said that the government is really worried about what is happening to the national currency but they do not consider the situation very grave. Earlier, the falling ruble was traditionally associated with plunging oil prices, but now there is a new explanation. The recent shift in US monetary policy seems to weigh down on the exchange rate of Russia's national currency.
