Heres what our Asset Management team is reading... Early Tuesday, the Central Bank of Russia (CBR) hiked its key interest rate by 650 basis points to 17 percent, the sixth rate increase this year. The impact was immediately reflected in the Russian ruble which plunged about 12 percent, bringing its loss against the dollar to nearly 50 percent this year. The rate hike and falling currency will further threaten financial stability in the troubled economy which has faced the double whammy of collapsing oil prices and the specter of new U.S. sanctions. Ordinary Russians are feeling the squeeze as consumer price inflation is forecast to reach 10 percent by the end of the year.
Posted on: Wed, 17 Dec 2014 19:21:15 +0000
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