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Russian Central Bank

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international-relations-economics1 year ago•2 min saved

Global Leaders Call for Seizing Russian Assets to Aid Ukraine

Treasury Secretary Janet Yellen urged world leaders at the G20 meeting to unlock roughly $300 billion in frozen Russian Central Bank assets and use them for Ukraine's reconstruction, citing a strong international law, economic, and moral case for the move. Yellen believes this would send a decisive response to Russia's threat to global stability and incentivize negotiations for a just peace with Ukraine, despite potential tradeoffs for the U.S. dollar's standing as the world's dominant currency.

via ABC News|

#frozen-assets #g20 #international-relations-economics

economy2 years ago•3 min saved

Russian Central Bank Takes Aggressive Measures to Tackle Inflation and Strengthen Economy

The Russian central bank has raised its key interest rate by 100 basis points to 13%, marking the third consecutive rate hike in response to inflationary pressures and a weak rouble. The bank warned that rates would need to stay high for a significant period of time until it is convinced of a sustainable inflation slowdown. It also raised its 2023 inflation forecast to 6-7%, above the 4% target, and warned that a tightening labor market would limit further economic growth. The central bank indicated that it may consider further rate increases in upcoming meetings.

via Reuters|

#economic-growth #economy #inflation

economy2 years ago•1 min saved

"Russian Central Bank Takes Drastic Measures as Ruble Plunges"

The Russian central bank has raised interest rates by 350 basis points to 12% at an emergency meeting in an attempt to stabilize the country's depreciating ruble currency. The decision comes as inflationary pressure builds up, with annual inflation at 4.4% and current price growth averaging 7.6% over the last three months. The central bank aims to shape monetary conditions and domestic demand dynamics to bring inflation back to 4% by 2024. The ruble initially strengthened but later pulled back, trading just above 98 to the dollar.

via CNBC|

#economy #inflation #interest-rates

economy2 years ago•0 min saved

Ruble Plummets to Record Low Against USD Amid Ukraine Conflict

The Russian ruble hit its lowest value against the United States dollar since the early stages of the war in Ukraine, dropping to 95 rubles per dollar in trading on Friday in Moscow. This marks a consistent decline in the currency's value since the beginning of the year, with a drop of about 30%. The ruble had previously plunged to around 120 against the dollar when Russia sent troops into Ukraine in late February 2022 but quickly recovered due to support measures by the Russian Central Bank.

via The Associated Press|

#currency-exchange #economy #ruble