Add to favorite
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS

Russia Raises Interest Rates to 17% While Russian Rouble Collapses
16.12.2014 18:10
Russia Raises Interest Rates to 17% While Russian Rouble Collapses

On Monday night the Central Bank of Russia took a dramatic decision to raise interest rates from 10.5% to 17% to save the country's economy from an enormous inflation.

      That move was meant to stabilise the currency. It helped to keep the rouble to 58 to the dollar early on Tuesday. However, those efforts appeared to be inefficient during Tuesday's trading session. The Russian rouble has dropped to a new record low against foreign currencies. It currently takes over 73 roubles to buy a single dollar anf 90 roubles for one euro.

      It also failed to bring down inflation either - prices are expected to be 10% higher by the end of the year. The chairwoman of the Russian Central Bank, Elvira Nabiullina have already said it is still not enough time to see the consequences of the new measures. The Bank also intends to introduce further measures for the economy's stabilisation, with First Deputy Governor Sergey Shvetsov describing the situation as "critical".

      The rouble has lost more than 50% against the US dollar this year, hit by low oil prices and Western sanctions. Both of these factors have made weak Russian economy even more vulnerable.

Author: Julia Alieva

Tags: Russian economy crisis Russian rouble   

Next Previous

You might also find interesting:

More than Half of Entrepreneurs in Russia Consider their Occupation to be Dangerous
In 2018, 984 Thousand Legal Entities were Penalized Under Administrative Law in Russia
The AliExpress and Tmall Plan to Sell Limited Collections of Russian Designers
Russia Can Tighten Control over the Activities of Foreign Payment Services
Russian Online Retail Market is Growing

Comment on our site

RSS   twitter   facebook   submit

Bookmark and Share

search on the map
Ivan Krylov  Moscow  Orient  Kazan  Film Distribution  English Yard  medicine  Russian Grain Union  Russian regions  Russian Cinema  Kostroma region  James Bond  Russian writers  accomodation in Moscow  New Museums  Ministry of Construction and Housing and Communal Services   Music Festivals  St. Petersburg  Khabarovsk  Exhibitions in Moscow  Amur Region  Stavropol Territory  Mikhail Pugovkin  LGBT in Russia  accommodation in Moscow  Russian tourism  Mercedes-Benz Fashion Week Russia  Paleontology  Krasnodar Krai  Russian Astronauts  travel to Russia  Russian souvenirs  Ural Federal University   Russian GDP forecast  Legal Services in Russia  Gregory Pototsky  Leningrad Center  Mstislav Dobuzhinsky  Opposition  Korolev  Multimedia Art Museum  Rosbank  Hit of the Season  Pushkin Museum of Fine Arts  Archaeology  Kemerovo Region  Bryansk  Festivals in Moscow  Magnitsky Act  Russian business 

Travel Blogs
Top Traveling Sites