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BREAKING
Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
Sheikh Qassem: Be brave in the face of foreign pressures, and we will be by your side in this stance.
Sheikh Qassem: Stripping us of our arms is like stripping us of our very soul, and this will prompt us to show them our might.
Sheikh Qassem: We will not abandon our arms, for they gave us dignity; we will not abandon our arms, for they protect us against our enemy.
Sheikh Qassem: The US efforts we are seeing are aimed at sabotaging Lebanon and constitute a call for sedition.
Sheikh Qassem: If you truly want to establish sovereignty and work for Lebanon’s interests, then stop the aggression.
Sheikh Qassem: The United States, which is meddling in Lebanon, is not trustworthy but rather poses a danger to it.
Sheikh Qassem: The United States is preventing the weapons that protect the homeland.
Sheikh Qassem: The government’s latest decision [on the disarmament of the Resistance] is non-charter-based, and if the government continues down this path, it is not faithful to Lebanon’s sovereignty.

Ruble reaches highest level in 4 years

  • By Al Mayadeen English
  • Source: Agencies
  • 24 May 2022 15:09
  • 2 Shares
2 Min Read

Russia said it will be loosening capital controls as a result.

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  • The Russian ruble is at its all-time-high.
    The Russian ruble is at its all-time high.

On Monday, Russia said it will be loosening capital controls as the ruble, which is in a surge, has been threatening to reduce export profit. 

In a statement, the Finance Ministry said it will be cutting the share of foreign currency earnings from 80% to 50%. The foreign currency earnings were being used to convert to rubles, from 80% to 50%. 

However, the move did not affect the ruble itself, which has been running at all-time highs against the dollar. 

On Tuesday morning, the Russian ruble rose 2.4%, trading at 56.61 against the US dollar, which is its highest level in 4 years.

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Read more: Ruble hits over 2-year high vs. euro, dollar

 

Furthermore, the Russian Ministry of Finance contended that it had taken the decision on capital controls because of “the stabilization of the ruble exchange rate and the achievement of a sufficient level of liquidity in foreign currency on the domestic market.”

Media outlet The Bell said that the Finance Ministry's decision is unlikely to weaken the ruble majorly for at least many weeks. 

Experts are saying that a strong ruble may harm Russian finances: Yevgeny Kogan, a professor at Moscow's Higher School of Economics, said "The stronger the rate, the bigger the deficit will be," and that  “It makes things harder for exporters, raising costs and reducing revenue.”

Last month, the Russian ruble rose against the US dollar and the euro, where the US currency fell under 75 rubles for the first time since mid-February, TASS reported.

The dollar exchange rate at the beginning of trading fell below the level of 75 rubles, while the euro exchange rate fell below the level of 81 rubles for the first time since October 27, 2021, the Russian agency added.

Read more: Chinese companies to make wider use of ruble or yuan in trade with Russia
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  • Russia
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