The Central Bank of Russia has made significant adjustments to the official exchange rates for key currencies as of March 18, 2025. The new rates reflect recent economic realities and the impacts of external pressures, including sanctions and market volatility.
Beginning with the U.S. dollar, the currency has decreased to 84.3059 rubles, down from 85.5694 rubles previously. This adjustment is notable as it marks one of the more significant shifts for the dollar recently, and reflects broader trends within the market. "The dollar exchange rate fell from 85.5694 rubles to 84.3059 rubles," according to the Central Bank announcement.
Similarly, the euro has seen an even more drastic fall, with its rate dropping from 93.6087 rubles to 90.8443 rubles—over two rubles lost. This decrease may have considerable ramifications for businesses dealing with European partners and could increase costs for consumers. "The regulator lowered the euro exchange rate even more significantly, by more than 2 rubles, from 93.6087 rubles to 90.8443 rubles," reported by Interfax.
The Chinese yuan also declined, albeit less dramatically, with the Central Bank setting the new rate at 11.6000 rubles per yuan, down from 11.8167 rubles. This slight shift might not generate immediate concern but is part of the broader trend impacting the ruble against multiple currencies. "The Bank of Russia lowered the official yuan exchange rate by more than 20 kopecks,” noted Bloomberg.
These currency fluctuations are not isolated occurrences; they represent broader economic pressures. The U.S. Treasury’s sanctions imposed against the Moscow Exchange on July 12, 2024, have contributed to this varied forex environment. A notable consequence of these sanctions has been the relegation of exchange trading for dollars and euros to over-the-counter markets rather than traditional exchanges, affecting liquidity and market responsiveness.
According to the Central Bank's policies, "The Central Bank sets the official exchange rates based on bank reporting and information from over-the-counter trading," highlighting the institution's reliance on current market data to inform its decisions.
Market experts have been closely monitoring these trends, particularly as the ruble has shown resilience at various times over the past year. Since the beginning of 2025, the ruble has appreciated against the dollar by 16% due to various factors including increased capital inflows and the strengthening of the export revenue. The recent rate setting could also be seen as the Central Bank's attempt to maintain stability and appeal for ruble-denominated savings, particularly at the current high-interest rates of 21% established since October 2024.
Analysts warn, though, of potential volatility ahead. Despite this strengthening, many remain skeptical about the long-term sustainability of the current exchange rate levels. Given the geopolitical situation and reliance on export markets, fluctuations could return the dollar to rates around 100 rubles. It will be imperative for businesses and consumers alike to stay attuned to these changes and their subsequent effects on overall economic health as well as personal finance.
With these new rates, the Central Bank aims to navigate through complex economic conditions, ensuring it protects the ruble's integrity. The financial community continues to watch closely, waiting to see how both inflation and international relations will shape the future value of the ruble and its standing against global currencies.
