1) The Russian benchmark stock index, the MICES, is down 10% or more (it has been down as much as 11.2% earlier today), the biggest drop in at least five years (depending on the close). 2) The Russian ruble reached all time lows against the euro and the dollar. To prop it up the Russian central bank—on a temporary basis—raised interest rates 1.5%, from 5.5 to 7.0%, and spent $10 billion toward the same end. This will significantly hamper growth in Russia unless they lower those rates fast. 3) Shares of the corporation Gazprom, the Russian Federations gas monopoly, are also down 10%. 4) The yield the Russian government has to pay on its state bonds is near a record high. 5) Foreign capital reserves for Russia are at a multi-year low.
Posted on: Tue, 04 Mar 2014 01:10:41 +0000
Trending Topics
Recently Viewed Topics
© 2015