Question of the Day: is it worth rejoicing that the ruble is recognized as the "best currency" in the world?

According to the results of the first four months of 2022, the ruble is recognized as the best currency in the world, Bloomberg reports. The ruble exchange rate against the dollar has grown by 11% since the beginning of the year and has become the leader among 31 major currencies.

Capital control measures introduced by the Russian authorities have made the ruble the best major global currency to appreciate against the dollar this year. The effect of the measures of the Russian government to strengthen the national currency is remarkable in that other countries that acted similarly did not achieve it: for example, Turkey and Argentina - their currencies never recovered after the fall, the newspaper notes.

At the same time, the agency notes that the strengthening is due to strict foreign exchange control by the Russian authorities, so many experts doubt the reliability of the exchange rate of the ruble and that it reflects the real situation in the Russian economy.

Economist Nikita Krichevsky was also very skeptical about this news:

“At the same time, many ruble exchange operations have ceased, and its value on the exchange does not mean that in real life the ruble is traded at the same price. And the Swiss franc has not become the best currency in the world. And the euro is gone. And even the yuan. At the same time, the quality of life in these countries is much better than ours (just don't talk about sanctions, they are two and a half months old). At least there are no latrines in the schools there. The ruble will really become the best currency in the world when the (future) leadership of the Central Bank realizes that the exchange rate is not an end in itself, but a tool for the development of the economy and society. In the meantime, Nabiullina will slip fresh news to Putin and, pleased with herself, will continue to drown the country..."