An electronic information displays the rate of the Russian ruble ( Moscow). Photo EPA / Yuri Kochetkov
The Russian Central Bank has significantly raised the interest rate tonight: it went from 10.5 to 17 percent. This is in an effort to stabilize the rate of the Russian ruble, writes Associated Press.
Yesterday the share price fell by 10 percent, the biggest drop since 1998. It is feared that the collapse of the ruble creates panic among Russians and a run on the banks. This rate increase is the hope that investors find it financially attractive to keep their money in Russia.
The ruble is under pressure due to the large uncertainty about the Russian economy, Western sanctions and the sharp fall in oil prices. Who scribbled something on Monday, but due to the decrease of over 40 percent in recent months is still at its lowest point in years.
The value of the Russian currency since the beginning of the year with more than 45 percent lower than the dollar. The central bank tried to stabilize the ruble several times by raising interest rates and rubles to buy in international markets. Up to now, this had little success.
Also at NRC Q: The ruble plummets, so Russians massively buy Porsches and nrc.nl: And when the rate of the ruble fell gigantic. Why is that?
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