The Official Currency in Russia is tradable in the forex market today, it is the Russian ruble. The forex symbol denoted it with RUB and ₽ is the symbol of the currency.

It is also the official currency of South Ossetia and Abkhazia. They are two partially recognized republics. Since the days of the Russian Empire, the Ruble has been the state currency.

It was also legal tender during the Soviet period. Although Belarus and Transnistria have a known currency, the Ruble, these are separate currencies and distinct entities in their own right. 

A Brief History of the Russian Ruble

The term Ruble means “to cut”. It comes from “rubit” which is the Russian word. It is believed that the name was given as a cutting technique was used to mint the original coins.

In the 14th century to the 17th century, the term Ruble did not refer to currency. It was rather a unit of weight and account.

Until 1740, the monetary system of the country was reformed by Peter the Great. He ordered the minting of a new silver Ruble coin and divided it into 100 copper kopeks.

At the start of the first world war, the gold Ruble was dropped when the value of the Official Currency in Russia depreciated. And it was leading to hyperinflation in the early 1920s.

An announcement was released in 2010 that China and Russia would execute bilateral trading using their national currencies rather than the US dollar as before. This was done with the purpose to improve their relationship (Beijing and Moscow). 

The Economy of Russia

Russia is known for its upper-middle, mixed economy. It has several strategic areas of state ownership. Russia is a very large country and the breadth of the country is the key to its economic activity.

Russia has more than 30% of global resources. It has been estimated that it has an estimated total value of $75 trillion from its natural resources. 

Thanks to Russia’s abundance of oil, precious metals, and natural gas, much of the country’s economic growth comes from energy revenue. The Russia’s export is mostly made up of these commodities.

Besides, significant revenue was also brought by the country’s arms industry. Russia is renowned for its military exports like combat aircraft, air defense systems, ships, and submarines.

The other important economic sectors include fisheries, forestry, and agriculture. However, the service industry is the largest sector of the Russian economy. It accounts for about 60%of the country’s GDP.

It is including communications, education, retail trade industries, and health. Mining is also essential as well as the construction sector.

Factors Affecting the Official Currency in Russia

The world oil price is one of the main factors impacting the Russian Ruble value. This is because the Russian economy is relying heavily on the condition of the energy industry.

One of the largest oil industries in the world is Russia. Therefore, the economic shifts in the country will be caused by the fluctuations in oil prices.

The Ruble value on the Forex that is tradable with the best forex broker market is also affected by the global demand for some of Russia’s major exports such as consumer goods and machinery. In this area, political unrest is also a main factor.

And the Russian ruble exchange rate can be also affected by any problem with neighboring Ukraine. But today, the country can trade currency easily in the forex market as well as other countries.

Thanks to the fast development in technology, now you can trade online easily with a professional broker like Didimax forex broker. Always be an insightful trader by knowing many things like The Official Currency in Russia, the Russian Ruble.