The bank’s emergency action followed a sharp decline in the value of the national currency and criticism by some in the Kremlin of soft monetary policy.
The Russian economist Sergei Guriev, who is provost of Sciences Po university in France, said the ruble’s fall against major world currencies was “politically important,” since it would be felt immediately by the Russian public.
Guriev said the recent mutiny against Russia’s military leadership by Wagner mercenary boss Yevgeniy Prigozhin, as well as the expropriation of Western companies still operating in Russia, also contributed to capital outflows and helped to weaken the ruble. “I think it’s normal that the Russian Central Bank stays committed to its inflation target and raises interest rates when it sees that inflation is getting out of control,” he said. “On the other hand, the question is to what extent further depreciation is possible if the Western coalition can tighten the sanctions pressure on the Russian economy.”It is not the first time the bank has taken emergency measures during a crisis.
Elsewhere in Russia, a Moscow court on Tuesday convicted retired Russian military intelligence colonel Vladimir Kvachkov — a vehement pro-war figure — of discrediting the military, as the Kremlin seeks to bring nationalist pro-war critics to heel.
. He said that at least 20 houses were destroyed, including one functioning as a kindergarten. Fifteen people were injured, including a 10-year-old and a 72-year-old, he said.were charged in a major national security investigationLondon’s Metropolitan Police said in a statement that five people were arrested in February and that three were later charged under the Official Secrets Act with possessing “false identity documents with improper intention.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Russian central bank jacks up rates to 12% to support battered roubleRussia's central bank hiked its key interest rate by 350 basis points to 12% on Tuesday, an emergency move to try and halt the rouble's recent slide after a public call from the Kremlin for tighter monetary policy.
Read more »
Lebanon freezes bank accounts of former central bank governor and associatesLebanon has frozen the bank accounts of former central bank governor Riad Salameh and four of his associates, a statement by the Special Investigation Commission said on Monday.
Read more »
Zimbabwe central bank close to introducing gold-backed digital tokens into retailThe Reserve Bank of Zimbabwe says it's close to introducing gold-backed digital tokens into retail trade as the country battles inflation.
Read more »
China central bank unexpectedly cuts rates to support sputtering economyChina's central bank unexpectedly cut key policy rates for the second time in three months on Tuesday, in a fresh sign that the authorities are ramping up monetary easing efforts to boost a sputtering economic recovery.
Read more »
Singapore central bank says three business days is ‘timely transfer’ for stablecoinsMAS noted that this time frame would be similar to existing money transmission requirements for domestic money transfer services.
Read more »
Russia’s central bank makes huge interest rate hike to try to prop up falling rubleRussia’s central bank made a big interest rate hike of 3.5 percentage points on Tuesday, an emergency move designed to fight inflation and strengthen the ruble after the country’s currency reached its lowest value since early in the war with Ukraine.
Read more »