Russian central bank moves to stem plunge in rub

Investment Analysis Clubs Macro Economic Trends and Risks
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Russian central bank moves to stem plunge in ruble

MOSCOW (AP) — Russia’s central bank sharply raised its key rate Monday in a desperate attempt to shore up the plummeting ruble and prevent the run of banks amid crippling Western sanctions over the Russian war in Ukraine.

The bank hiked the benchmark rate to 20% from 8.5%.

That followed a Western decision Sunday to freeze Russia’s hard currency reserves, an unprecedented move that could have devastating consequences for the country’s financial stability.

It was unclear exactly what share of Russia’s estimated $640 billion hard currency coffers would be paralyzed by the decision by Western nations to block Russian banks from the SWIFT global payment system.

European officials said that at least half of it will be affected.

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https://apnews.com/article/russia-ukraine-business-europe-ja…

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Ack, sorry Dave. I posted the same news without seeing you had posted this earlier. Okay, back to my headphones and my hideout in the jungle. Should have known to look first for other “Nocturnals” who are up all night (my best time for charting, music critiquing, reading, and writing.)

Gone.

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Ack, sorry Dave. I posted the same news without seeing you had posted this earlier.

It’s OK all I ask of life is rec’s on TMF and, in real life, cash.

Desert (small unmarked bills) Dave

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Saw an item on the wire this morning the Ruble was worth about 1 cent US.

It’s OK all I ask of life is rec’s on TMF and, in real life, cash.

Don’t grovel Dave. It’s undignified. :^)

Steve

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