Bank will discuss interest rate after high spending on war in Ukraine and drop in export revenues put further pressure on Russia’s economy
  • AutoTL;DRBEnglish
    24•1 year ago

    This is the best summary I could come up with:

    Russia’s central bank has announced it will hold an extraordinary meeting on Tuesday to discuss the level of its key interest rate after the rouble fell to its weakest point in almost 17 months.

    On Monday morning, the central bank said it saw no threat to Russia’s financial stability from the rouble’s fall, blaming the currency’s slide in value on a drop in export volumes and growing internal demand for imports.

    The rouble has had a period of turbulence since Russia invaded Ukraine in February 2022, dropping to a record low of 150 to the dollar two weeks after the start of the war before sharply recovering after the Russian central bank imposed strict capital controls that limited the flow of money out of the country.

    By last summer the rouble had rebounded to a seven-year high as a rise in oil and gas prices, partly a result of the invasion, helped Russia raise export revenue while consumer imports fell.

    A senior Kremlin aide admitted on Monday that a weak rouble had a “negative effect” on the “population’s real incomes” but said Moscow expected the currency to bounce back shortly.

    “The current exchange rate has deviated significantly from fundamental levels, and its normalisation is expected in the near future,” Vladimir Putin’s economic adviser Maxim Oreshkin said in an op-ed for the Tass news agency.

    I’m a bot and I’m open source!

  • @WilliamTheWickedEnglish
    22•1 year ago

    I… Just want to leave a comment here to remind myself for when the bots and shills show up. They say such absurd things and I find it entertaining.

    “This doesn’t mean Russia is struggling! It just means the rest of the world is struggling to contain Russia! Lick more boot!” etc.

  • nicetriangle
    21•1 year ago

    Wild idea here: fucking cut it out in Ukraine.

    It’s like they learned absolutely nothing from their bullshit in Afghanistan in the 80s

    • @[email protected]English
      10•1 year ago

      And admit they where wrong, remove troops from all Ukraine and take responsibility for all war crimes and reparations? Not sure how Putin would sell this as a win for Russia on national media…

      • @[email protected]English
        -4•1 year ago

        Pretty sure Ukraine would be fine to go without reparations and Putin wants regime change. So an agreement that Zelensky leaves and there are new elections in Ukraine would be fine. He controlls all the media in Russia, so he could make that work.

        However he does not want to do that.