Russian Rubles. Read All About the Currency of Russia Federation
Russian Ruble (RUB) is the official currency of Russian Federation for the last 500 years. It is also referred as Rouble sometimes. The currency is controlled by Currency regulation and Currency control authorities of Russia.
The major body of currency of Russia control is Central Bank of Russian Federation.
Russian Ruble in International Market
Many neighboring countries are also using currency of Russia, Ruble as their currency. However, Russian Ruble is recognized as international currency around the world.
Russian states were using US dollars as a reserve till 2007. USD made up nearly 63.9% of total Russian reserves. The remaining share of reserves are Euros (26.5%) Pound Sterling (4.7% ) Japanese Yen (2.9%) and the Swiss Franc (0.2 % ).
In 2007, the settlement clearing system of Europe incorporated Russian Ruble in the list of recognized currencies to conduct inter bank calculations.
European banks release bonds nominated in Rubles. Chicago stock exchange also contributed toward the stability of Ruble. They started to auction future contacts on Rubles.
Today many international dealings are made in Currency of Russia, Ruble. The international updated live exchange rate of currency are followed in such trading.
Transition of Russian Ruble
With the establishment of St-Petersburg International commodity-raw stock exchange in 2008. Currency of Russia, Ruble become a stronger currency. This authorized selling of the main Russian goods i.e. oil and mineral, gas, nonferrous metals, grains in Ruble. This practice increases the transition of Ruble convertibility.
Future of currency of Russia, Ruble
Today Russian Ruble stands among the G-10 currencies. Rapid growth in foreign investment opportunities in Russia, strong financial standings of Moscow and stable economic conditions of Russia would soon make Russian Ruble stand among the top 3 currencies of the world!