The interest thereby went from 10.5 to 17 percent, in an effort to stop the free fall of the currency. Because of the high interest rates, it is intended that Russians spend less and save more.
Around 13.00 was the price to 70 rubles per dollar, another record low. At the beginning of 2014 was 33 rubles to the dollar is down.
Move the cursor over the line to see the sums . – (C) NU.nl/Jerry Warn
Biggest Loser
Monday the exchange rate fell all to more than 64 rubles per dollar. That was a decline of 10 percent, which was recorded the strongest decline since the ruble crisis of 1998.
The ruble this year halved in value, making it the biggest loser of all leading currencies in the world.
Great uncertainty
The Russian currency is under severe pressure due to the large uncertainty about the Russian economy, which is inhibited by Western sanctions against the country and the sharp drop in oil prices. Brent Oil arrived Tuesday for the first time since July 2009 under the $ 60 off.
The revenue from oil and gas were last year accounted for more than half of the Russian budget and covers almost 70 percent of total exports.
Interest
With all the turmoil is also interest on Russian state loans fast. Tuesday increased the yield on ten-year loans in rubles to more than 15 percent to its highest level in years was reached. In comparison, Netherlands pays 0.76 percent for ten-year bonds
The stock exchange in Moscow noted Tuesday around 2 percent in the minus the MICEX index is now almost 14 percent lower than at the beginning of the month…
The Russian central bank estimates that gross domestic product will shrink by at least 4.5 percent if the oil price remains below $ 60 per barrel.
What you should know about the falling oil price | View the current oil price
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