Payset prespective
May 17, 2022

How the Rouble Became the Best-Performing Foreign Currency of 2022

The Russian rouble has seen the highest gains of any foreign currency during the first half of 2022, according to recent reports from Reuters.

Rouble Hits Two-Year Highs

The rouble was priced at 65.50 against the dollar on Sunday, May 15. It saw similar prices when compared against other currencies: it was priced at 68.15 against the euro and at 80.27 against the British pound on the same date.

Those numbers roughly mark a two-year high, with prices not seen since February 2020 and June 2020 for the euro and the dollar respectively. 

In terms of percent change, the rouble saw year-to-date growth of 12.5%. The only other major foreign currencies that performed nearly as well were the Brazilian real, which saw its price increase by 10.1%, and the Mexican peso, which saw its price grow by 2%.

What Caused the Rouble to Rise?

In a statement on Thursday, May 12, Russian president Vladimir Putin affirmed that the rouble has become the best-performing currency of the year. He also claimed that the rouble’s strength is an example of Russia’s sound performance under western sanctions, which were imposed as retaliation against the country’s invasion of Ukraine.

More broadly, the rouble’s price rally can be attributed to growing demand within Russia’s exports industry along with low demand for foreign trade. 

Additionally, financial restrictions could prevent existing roubles from entering trading markets, and the resulting scarcity could keep the value of the rouble high. In recent months, Russian citizens have been blocked from transferring money abroad, Russian businesses have been required to convert 80% of overseas profits into roubles.

Finally, Russia’s invasion of Ukraine brought the value of the rouble down by nearly 50% in early March. Those initial losses allowed the currency to recover once the initial shock wore off, bringing it to its current market value.

Losses Could Come Later This Year

Despite the rouble’s success this year, not all statistics are positive. Reuters suggests that Russian banks are not trading at the above rates. 

Additionally, Reuters warned that increasing imports within Russia could cause downward pressure on the asset. The Russian government has created a list of goods that will be allowed under a “parallel imports” plan in an attempt to counteract western sanctions.

That trend could make the rouble weaker against the dollar once again. However, given the rouble’s rapid price swings this year, it is difficult to say what the coming months may bring.

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Frequently asked questions

What is a multi-currency account/virtual IBAN?

A Payset multi-currency account allows you to receive money in 34 different currencies and send money in up to 38 currencies, all within the same account.

You can deposit and withdraw funds, convert currencies at competitive exchange rates, and hold your chosen currencies to capitalize on market movements.

A Payset multi-currency account allows startups and business owners to receive payments from clients virtually anywhere in the world and pay suppliers, staff, and contractors quickly and affordably in their chosen currency.

  • Funds can be deposited and withdrawn from the account for a small fee.
  • Account holders can send and receive money with other Payset users for free.
  • Depending on your region, you can use various payment networks from your Payset account, including SWIFT, SEPA, ACH, Fedwire, Faster Payments, BACS, and CHAPS. 
  • Once you register an account, you will be provided with a Virtual IBAN (International Bank Account Number), which makes all of these transfers easy.
  • We provide you with local payments and collections. For example, transactions in USD, EUR, CAD, and GBP are processed through the local payment networks, which is far cheaper and takes minutes as opposed to days

Are there limits on the amount of money I can send and receive?

No, there are no transaction limits on Payset multi-currency accounts.

However, higher-volume transactions may require additional anti-fraud verification. If you plan to make a large transaction, contact us in advance to avoid verification delays.

How is Payset regulated?

Payset allows you to receive payments in 34 currencies. You can send payments from your account in 38 currencies. For more details, check our payment guide.

How do I send money from my account?

Once you have opened your verified IBAN account and added money to a balance, transferring funds is simple.

Simply log in into your account and add a beneficiary, then simply “make a transfer” in your preferred currency to that beneficiary.

Information contained in this publication is provided for general education and information purposes only and should not be construed as legal, tax, investment or other professional advice or recommendation, or an offer of, or solicitation for, any transactions or any other actions (or refraining therefrom); This material has been prepared without taking into account any particular recipient’s financial objectives or situation. We make no warranty, guarantee or representation, whether express or implied, as to the completeness or accuracy of the information contained herein or fitness thereof for a particular purpose; Use of images and symbols is made for illustrative purposes only and does not constitute a recommendation or advice to take or refraining from any action; Use of brand logos does not necessarily imply a contractual relationship between us and the entities owning the logos, nor does it represent an endorsement of any such entity by Pay Set Limited, or vice versa; Market information is made available to you only as a service, and we do not endorse or approve it; Any reference to past performance, predicted returns, or likelihood performance scenarios may not reflect actual future performance and certainly do not guarantee future outcomes.

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