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Currency News

Russian Ruble Shows Promise, Turkish Lira After Attempted Military Coup, and Venezuela’s “Blockade”

The Russian ruble climbed to a three-month high, adding 1.4% to 62.96 rubles in Moscow. An article on bloomberg is calling it “The Most Attractive Emerging Currency”. It is considered the second best-performing currency for emerging markets, after South Africa’s rand. Investors have seen a 17% ruble gain against the dollar this year, due to oil prices stabilizing. “The ruble and its emerging market peers are supported by the prospect of more stimulus from other central banks, which fuels demand for high-yielding emerging market bonds”, says Piotr Matys, a strategist for Rabobank in London.

On Friday, July 15th, A sector of the Turkish military tried to overtake the government. As a result, more than 6,000 people were arrested, 294 killed in the night of the attempted coup, and 2,839 soldiers held in prison. Also, 2,745 judges facing arrest. President Erdogan vows payback after the failed attempted and calls it an act of treason. The president has hinted he may bring back the death penalty, which was abolished in Turkey in 2004 in line with attempted to join the European Union, according to article written by “The Telegraph”. As a result, the Turkish lira has declined 5% against the United States dollar, and I predict it will continue to the decline.

Citibank will shut down the Venezuela’s foreign currency accounts within the month. President Nicolas Maduro calls the move a “financial blockade”, also adding “do you think this going to stop us? this is a different world, nobody stops Venezuela. Citibank’s rebuttal to the president’s comments was, “following a periodic risk management review in Venezuela, Citi has decided to discontinue correspondent banking and the servicing of certain accounts in the country”. Also noting,” This decision is not a reflection of our commitment to a country we have served almost 100 years”