27.04.2022, 15:23
The Euro Against the Dollar Fell to a Minimum in 5 Years
Source: OREANDA-NEWS
OREANDA-NEWS. The euro exchange rate, on Wednesday, April 17, fell below $1.06 for the first time since April 2017, writes PRIME. Trading data indicate the growing fears around the energy crisis in the EU. It is reported that the European currency weakened after the announcement of Russia's suspension of gas supplies to Poland and Bulgaria.
Concerns about energy security in Europe have increased significantly due to reports that Russian gas supplies to Poland have been cut off, Jane Foley, an analyst at Rabobank, quoted the publication as saying.
As of 14.01 Moscow time, the euro is weakening to $1.061 from the last close of $1.0636. Earlier in the course of trading, the indicator fell to 1.0586 dollars.
The day before, Gazprom Export sent a notification to Bulgargaz (Bulgaria) and PGNiG (Poland) about the suspension of gas supplies from April 27 until the payment for fuel in rubles. The exporter recalled that consumers were promptly notified about the change in the payment scheme.
Earlier, the scientific director of the Institute of World Economics in Kiel, Stefan Kuts, said that if the EU stops importing Russian energy, its economy, which has not yet recovered from the pandemic, will face hard times. In particular, Germany is facing a sharp recession. Without resources from the Russian Federation, the country's economy will lose about €220 billion in 2022 and 2023, which is more than 6.5% of the annual production volume.
Concerns about energy security in Europe have increased significantly due to reports that Russian gas supplies to Poland have been cut off, Jane Foley, an analyst at Rabobank, quoted the publication as saying.
As of 14.01 Moscow time, the euro is weakening to $1.061 from the last close of $1.0636. Earlier in the course of trading, the indicator fell to 1.0586 dollars.
The day before, Gazprom Export sent a notification to Bulgargaz (Bulgaria) and PGNiG (Poland) about the suspension of gas supplies from April 27 until the payment for fuel in rubles. The exporter recalled that consumers were promptly notified about the change in the payment scheme.
Earlier, the scientific director of the Institute of World Economics in Kiel, Stefan Kuts, said that if the EU stops importing Russian energy, its economy, which has not yet recovered from the pandemic, will face hard times. In particular, Germany is facing a sharp recession. Without resources from the Russian Federation, the country's economy will lose about €220 billion in 2022 and 2023, which is more than 6.5% of the annual production volume.
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