Citigroup Inc. cut the number of senior expat bankers in Moscow by more than 40 percent over the past four years and replaced them with Russians, according to Zdenek Turek, the lender’s outgoing Russia chief executive officer and head of Central and Eastern Europe.
The ruble depreciated to its weakest level in a week against the dollar amid speculation Moscow’s heat wave and wildfire-induced smog is forcing traders and investors to reduce their bets and leave the city.
The ruble weakened against the euro for the first time in eight days, ending its longest rally in more than a year, on speculation Europe will act to contain its debt crisis and as demand ebbed for local currency to pay taxes.
The ruble declined to its weakest close since September 2009 against the central bank’s target dollar-euro basket as oil retreated. The weakening currency forced Bank Rossii’s so-called floating corridor higher, according to Citigroup Inc.
The ruble dropped to the lowest intraday level in more than two years against the dollar as oil fell and Prime Minister Vladimir Putin’s plan to return to the Russian presidency stoked concern of a government reshuffle.