The Value of the Ruble Did Not Increase by 100 Percent in a Month, as Falsely Claimed in a Facebook Post

The Facebook dates from April 28. On that date, according to the prestigious “Bloomberg”, compared to the dollar, the ruble was 72, that is, you could get 72 rubles for 1 dollar. On March 28, that is, one month before April 28, when the post was published, the ruble was worth 94, that is, for 1 dollar you could get 94 rubles. This means that the ruble’s value experienced an increase, but not as much as claimed in the post. If it were true that the ruble experienced a growth of 100 percent in one month, it should have been worth 144 on March 28, that is, for 1 dollar you would get 144 rubles, not 94

A post on Facebook claims that the ruble – Russia’s official monetary currency rose by 100 percent in one month, from the end of March to the end of April. This is incorrect information. In addition, the recommendation contained in the announcement to invest in this currency should be taken with great caution.

The one who bought rubles a month ago has now doubled his wealth. I do not know if bitcoin has grown 100% in a month, and as things stand, the best investment (and the most reliable) in this period is the ruble.

It is not true that the one who bought rubles a month ago has now doubled their wealth because this currency has grown by 100 percent.

The Facebook dates from April 28. On that date, according to the prestigious “Bloomberg”, compared to the dollar, the ruble was 72, that is, you could get 72 rubles for 1 dollar. On March 28, that is, one month before April 28, when the post was published, the ruble was worth 94, that is, for 1 dollar you could get 94 rubles.

This means that the ruble experienced growth, but not as much as claimed in the post. If it were true that the ruble experienced a growth of 100 percent in one month, it should have been worth 144 on March 28, that is, for 1 dollar you would get 144 rubles, not 94. Thus, the ruble’s worth increased 30 percent, but by no means 100 percent.

The situation is similar for the ruble compared to the euro, although this data does not come from the European Central Bank (ECB) because, as they report, due to the current trading activity in the market, the ECB is not in a position to set a reference rate that is representative of the existing market conditions. The ECB has therefore decided to suspend the publication of the reference rate of the euro for the Russian ruble until further notice. The ECB last published the EUR/RUB reference rate on March 1, 2022.

However, on other websites, where conversion between these two currencies is possible, it can be seen that the ruble has not grown that much even compared to the euro for this period. On March 28, you could get 103 rubles for 1 euro, while on April 28, also for one euro, you could get 74 rubles.

Along with the claim that the ruble’s worth has increased so much, a print screen of a media article about how much the ruble is worth and that the National Bank will return this currency to the exchange rate list is attached. However, the information about the great growth of the ruble cannot be found anywhere in this text, so it is not clear how they reached the conclusion in the post.

CNN analyzes that Russia has “helped” the ruble, despite global sanctions, by raising interest rates, preventing Russian brokers from selling securities held by foreigners and demanding payment in rubles for the delivery of gas and oil.

These measures have allowed Moscow to artificially generate demand for the ruble, even as the nation’s economy remains in shambles, CNN reports.

The claim that the ruble is the best investment now should be taken with great caution given the fluctuations that have occurred with the currency since Russia launched its invasion of Ukraine on February 24 of this year. Despite the growth of the currency in the last period, the value of the currency now depends on several factors, among which are the war in Ukraine itself and the sanctions of the Western countries on the Russian Federation.

For all these reasons, we assess that the post we are reviewing is false, and citizens should be well informed from multiple sources before making a decision on any investment.

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