Posted on 02/28/2022 4:09:06 AM PST by marcusmaximus
The Kremlin says Russia's economic reality has changed but sees no reason to doubt the effectiveness and reliability of the central bank, which hiked interest rates to 20 percent as it sought to shield the economy from unprecedented Western sanctions.
Kremlin spokesman Dmitry Peskov said on February 28 that President Vladimir Putin would meet with several officials during the day, including the finance minister and Bank of Russia governor.
He said Russia had a plan to react to sanctions and was now carrying it out.
His comments come as the national currency plummeted by almost a quarter to a record low after the Group of Seven (G7) industrialized countries imposed harsh financial sanctions to punish President Vladimir Putin for his invasion of Ukraine.
The ruble fell to 114 to the U.S. dollar on February 28 from 83.7 at the end of last week, according to Bloomberg data.
Russia's central bank on February 28 sharply raised its key rate from 9.5 percent to an unprecedented 20 percent in a desperate attempt to shore up the plummeting ruble.
Commercial banks were offering much lower rates online, between 120 and 140 rubles to the dollar, according to Banki.ru.
(Excerpt) Read more at rferl.org ...
Banking problems are temporary
Owning Ukraine is forever.
History teaches no lessons in this era.
The rest of us will pay the price.
China will get very cheap gas, as it will become the primary export market for Russian gas. And the yuan will become more important in international trade, as Russia is locked out of the dollar based system of payments.
When the banksters are against you, that’s what happens to your currency.
hoping the same happens to Puttie Pooh.
But, but, but, Soros and the Democrats hate him, so he *MUST* be a good guy, right?
/s
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.