INSUBCONTINENT EXCLUSIVE:
The Russian ruble slid past 100 against the dollar Monday, its lowest level since late March 2022, just weeks after Moscow launched its
Antonov warned in a note published by financial firms on Monday."For the decline in the ruble to end," Antonov said, "we need to wait for a
reduction in imports or decisive steps by the monetary authorities."Russia's central bank already hiked its key interest rate to a
greater-than-expected 8.5% in July, and last week abandoned budget rules in a bid to stabilize the currency.The depreciation of the ruble
has prompted fears that ordinary Russians' standard of living could take a hit, as inflation creeps up.Kremlin aide and former finance
minister Maxim Oreshkin blamed what he called "loose monetary policy" in an opinion piece published by the state-run TASS news agency
Monday.He said the central bank had all the "necessary tools" to address the situation and predicted the ruble exchange rate would return to
normal in the near future.
