Run on the rouble

In a bid to stop a run on the rouble, Russia’s central bank, The Bank of Russia, is hiking interest rates from 9.5 per cent to 20 per cent this morning.

Its board of directors blamed a ‘drastic change’ on the ‘external conditions for the economy’ behind the massive interest rate hike.

Top economists and the finance ministry also ordered exporting companies to sell 80 per cent of their foreign currency revenues on the market to try to support the rouble - the value of which continued to collapse against the dollar and the euro on the Moscow Stock Exchange on Monday.

It comes as the Russian economy plummeted 30 per cent overnight to an all-time low as the West’s sanctions over the Ukraine war start to squeeze the economy.

https://www.dailymail.co.uk/news/article-10559373/Ukraine-wa…

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How independent of Putin is the Bank of Russia, BOR?

Putin is going to want to turn on the printing press to pay the military among other people on the payroll.