Posted on 10/25/2024 5:23:38 PM PDT by DUMBGRUNT
Russia’s Central Bank raised its key interest rate from 19% to a historic 21% on Friday
“Further tightening of monetary policy is required to ensure the return of inflation to the target and reduce inflation expectations,” the bank added, noting that it may further increase rates at its next meeting on Nov. 6. Russia’s Central Bank sets its inflation target at 4%.
(Excerpt) Read more at themoscowtimes.com ...
With the interbank rate of 20% not, a happy camper and Ivan's credit card rate is close to 30%
She has some very pointy shoes, to die for. What is the cyclic rate of shoe use?
One million soldiers in the Russian Army. Obviously, that’s going to have a huge impact on their economy.
This portends poorly
Thin lipped virago knows nothing but power and is untouchable.When she falls out of a window, we’ll know who controls Russia.
I thought the Russian economy was cruising through this
Russian bandits are squatting on stolen Ukrainian land worth trillions of dollars. The value of those resources far outweigh any self inflicted short term economic pain Russia will feel.
Demographics in Russia is not looking good. Not sure if the war is worth it.
Most Russians DO NOT go into debt, so the higher interest rates only helps them. (come to think of it, it’s the same for many long-time FReepers)
The USA had that rate in about ‘82 and we weren’t even at war.
Yep, and Russia will never give it back.
SHADES OF JIMMAH CARTER
—”so the higher interest rates only helps them.”
Please explain how Sky High helps people with minimal savings.
The ruble is not well-recognized outside of Russia and there are many strict rules about sending money out of the country, if anyone would accept it.
The boyar class is mostly screwed, all below are screwed.
Where income does not meet living expenses.
Almost half of Russians say salary does not cover basic spending - survey
The rest are afraid to tell anyone.
“The ruble is not well-recognized outside of Russia and there are many strict rules about sending money out of the country”
Which is why most Russians have savings, in contrast to most Westerners being DEEPLY in debt, including their governments (but feel free to deny it).
—”When she falls out of a window, we’ll know who controls Russia.”
Early on it looked like she might somehow moderate runaway inflation, now, not so much.
They say “You can’t push a river”, and Russia is a river raging toward the sea and nothingness.
Because of demographics massively aggravated by Putin’s war, internal fissures among the non-Slavic populations, sanctions, and Ukraine’s damaging Russian oil infrastructure...
All the czar’s horses and all the czar’s men can never put it together again.
-—”we’ll know who controls Russia.”
Russia is ruled by a kleptocracy from the top to the lowest clerk all stealing Russia’s lifeblood.
—The USA had that rate in about ‘82 and we weren’t even at war.”
I bought a house in 1981 and found a deal at 15%, but that was the peak and they dropped quickly.IIRC it was a US record year.
Russian National Commercial Bank (RNCB)
The minimum rate is 21.35% for salary clients, 21.65% for external clients, and 22.15% for clients without verified income.
No one expects Russian rates to decline.
—”Which is why most Russians have savings,”
Russian inflation consumes 20-30%/year of savings: not good.
“In a 2019 survey, the median savings for lower-earning Russians was less than 20,000 rubles ($205.78), while higher earners had median savings of 175,000 rubles ($1,800).”
“The size of Russians’ savings did not change significantly during 2023. 35% of respondents noted that they do not have any savings, 42% of Russians surveyed have savings in an amount not exceeding the size of the monthly family income.”https://www.levada.ru/en/2024/03/28/savings-behavior-of-russians-in-january-2024/
“Russian inflation consumes 20-30%/year of savings: not good.”
Try again, unless you meant to say “Biden’s Inflation Rate”.
It helps to read the article.
Russia’s Central Bank raised its key interest rate from 19% to a historic 21% on Friday
“Inflation and interest rates move together
When inflation is high, interest rates tend to rise. This is because lenders want higher interest rates to compensate for the decrease in purchasing power of the money they’re paid in the future.”
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