Who is buying and selling roubles? Yes, there are apparently some transactions, since there is a price, but it’s hardly a market controlled by supply-demand.
Russian exports have always been priced in USD or other foreign currencies; Russian companies don’t want to get roubles, it seems.
Similarly, with imports, companies probably need to pay in whatever non-rouble way possible, I can’t imagine any serious exporter would take roubles.
Companies receiving foreign currency are forced to exchange them immediately to roubles according to a central bank’s rate.
It’s a theatre, not a market, and so the price is mostly anything.
Who is buying and selling roubles? Yes, there are apparently some transactions, since there is a price, but it’s hardly a market controlled by supply-demand.
Russian exports have always been priced in USD or other foreign currencies; Russian companies don’t want to get roubles, it seems.
Similarly, with imports, companies probably need to pay in whatever non-rouble way possible, I can’t imagine any serious exporter would take roubles.
Companies receiving foreign currency are forced to exchange them immediately to roubles according to a central bank’s rate.
It’s a theatre, not a market, and so the price is mostly anything.