Russia’s central bank has raised its key interest rate by two percentage points to a record-high 21% in an effort to combat growing inflation.

Russia’s central bank on Friday raised its key interest rate by two percentage points to a record-high 21% in an effort to stem growing inflation as massive government spending on the military amid the fighting in Ukraine strains the economy’s capacity to produce goods and services and drives up workers’ wages.

  • Flying SquidMEnglish
    31•1 month ago

    You don’t have to know more than basic high school economics to understand why a 21% interest rate is disastrous for any nation. Russia isn’t special.

    • @[email protected]English
      -31•1 month ago

      Russia had 18 for a long time and it didn’t look like a big deal. All these talks look exactly like reversed copium meme from 2022

        • @[email protected]English
          -25•1 month ago

          No, this is a good reality check. Still we can see how the rate has dropped from 20 to 8 like nothing

          • Flying SquidMEnglish
            24•1 month ago

            How can we see that it did that “like nothing” from that chart? Do you think the number is just come up with arbitrarily or something? If that’s the case, why ever change the interest rate at all? Just always keep it at that magic 18% of yours.

            • @[email protected]English
              -23•1 month ago

              I was wrong about 18 being “for a long time”. Still, if it’s indeed a measure to regulate inflation, it worked previously, why wouldn’t it work this time?

              • Flying SquidMEnglish
                16•1 month ago

                You need to decide whether you’re wrong or not.

                • @[email protected]English
                  -23•1 month ago

                  Don’t play Trump’s card here. I was wrong in one argument, thank you for pointing it out, but overall it doesn’t seem that the claim that “Russia is collapsing due to sanctions and war” has been damaged in any way

                  • Flying SquidMEnglish
                    23•1 month ago

                    I think you need to go back and look at the comment chain, because you decided to respond to my link showing you that the 18% claim wasn’t true a second time with a couple of links that also showed it wasn’t true with some popcorn bucket emojis.

                    So you might want to tell that you that this you thinks you’re wrong.

          • Flying SquidMEnglish
            31•1 month ago

            Do you think either of those links makes your 18% claim true?

            Because otherwise I’m not sure why you replied to my comment a second time with those links after showing you that it wasn’t true. Those links also show it isn’t true.