美元兑卢布升至115.00的33个月高点。过去4周，美元兑俄罗斯卢布上涨5.24%，过去12个月上涨20.11%。

USDRUB increased to a 33-month high of 115.00. Over the past 4 weeks, US Dollar Russian Ruble gained 5.24%, and in the last 12 months, it increased 20.11%.

今年年初，俄罗斯10年期自由贸易区的收益率超过15.5%，自年初以来飙升超过320个基点，原因是政府债券供应充足，制裁导致对俄罗斯资产的需求下降，以及俄罗斯银行激进的紧缩周期。卢布暴跌、劳动力危机以及因制裁而改变的供应链导致的通胀飙升，促使央行在今年加息13.5个百分点。在整个政策声明中，央行指出，克里姆林宫的扩张性财政政策和大规模军费开支导致了俄罗斯的通货膨胀，部分资金来自通过拍卖发行的创纪录水平的自由贸易区。尽管如此，由于克里姆林宫和企业主的压力，俄罗斯央行在今年最后一次会议上保持了关键利率，而不是市场预期的200至300个基点的加息，OFZ的收益率在12月有所下降。

The yield on the Russian 10-year OFZ was over the 15.5% mark at the turn of the year, surging over 320bps since the start of the year amid ample supply of government bonds, lower demand for Russian assets due to sanctions, and an aggressive tightening cycle by the Bank of Russia. Surging inflation due to a plunging ruble, a labor-force crisis, and altered supply chains in response to sanctions drove the central bank to deliver 13.5 percentage points in rate hikes in the year. Throughout policy statements, the central bank noted that expansionary fiscal policy and the large-scale military spending by the Kremlin contributed to inflation in Russia, financed in part through record levels of OFZ issuances through auctions. Still, the yield on OFZs eased through December after the CBR held its key rate in the final meeting of the year instead of market expectations that ranged between 200bps-300bps hikes, amid reports of pressure from the Kremlin and business owners.

2024年11月，俄罗斯的失业率为2.3%，保持了上个月的历史最低水平，符合市场预期。这一结果与俄罗斯央行的分析一致，该分析指出，动员俄罗斯公民参军并在乌克兰作战加剧了劳动力短缺，降低了俄罗斯经济的产能。

Russia’s unemployment rate was at 2.3% in November 2024, holding the record low from the previous month and in line with market expectations. The result was in line with the analysis from the Central Bank of Russia, stating that the mobilization of Russian citizens to join the military and fight in Ukraine exacerbated labor shortages and reduced capacity in the Russian economy.

10月份俄罗斯失业率符合预期（2.3%）。10月份俄罗斯失业率符合预期（2.3%）

Russia Unemployment Rate in line with expectations (2.3%) in October.Russia Unemployment Rate in line with expectations (2.3%) in October