Russia raises key interest rate to 17% amid rouble decline

[jafo2010]

Russia's economic woes could be our own in short order.  Our economy could go down the drain just like theirs in a very short period.  We as a country need to get our house in order, and that does NOT include giving 10 million illegal aliens a free pass into the USA.

Congress MUST begin balancing their budgets.  Should not be an option to spend more than they have to work with.  Corruption abounds!


The Russian central bank has announced it is hiking its key interest rate to 17% from 10.5%.

The bank said the move was to try to ease the rouble's recent descent in value.

The Russian rouble has dropped to a new low against the US dollar, as falling oil prices and Western sanctions continue to weigh on the country's economy.

It snapped back to 60 roubles per dollar from a low of 67 earlier.

The 60 mark is considered a "psychological barrier" for Russia's national currency, says the BBC's Moscow correspondent, Steve Rosenberg.

Since the start of the year, the rouble has lost more than 45% of its value against the dollar.

http://www.bbc.com/news/business-30490082

[jafo2010]

1 US Dollar   =   65.6 Russian rubles

The ruble has gone down abut 20% in the last week alone.  2015 will be a chaotic year.

[apples]

https://uk.finance.yahoo.com/news/ruble-plumbs-low-despite-emergency-093725086.html

The Russian ruble set a new all-time record low on Tuesday after bouncing back briefly despite an emergency move by Russia's central bank to raise interest rates to 17 percent.

The currency weakened to nearly 67 rubles against the dollar after bouncing briefly to 61 rubles earlier Tuesday following the central bank's midnight move to hike interest rates to 17 percent from 10.5 percent to halt the collapse of the ruble.

The Russian currency hit a low of 64.4 rubles on Monday night, sliding 9.5 percent in a single day, its largest one-day fall since the 1998 crisis.

The slide came as the bank warned that low oil prices could trigger a contraction of nearly five percent next year.

The worsening economic outlook presents a serious challenge for President Vladimir Putin, whose social compact with Russians has been based on years of economic stability and relative prosperity.