Russian authorities are attempting to alleviate panic over the ruble's steep decline, with the central bank intervening to halt foreign purchases of the domestic currency for the rest of the year. The ruble has weakened to 114 against the US dollar, its lowest level since shortly after Russia's invasion of Ukraine in March 2022.
Russian authorities are trying to stem panic over the ruble's sharp fall this week, with the central bank stepping in to suspend the currency in a situation, while Kremlin flagged an unnecessary"panic."
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly Despite rising price pressures taking place against a backdrop of massively-increased defense spending and ramped-up domestic weapons production, Russian President Vladimir Putin has denied swapping"butter for guns."
The latest round of sanctions targeting Russia's third-largest bank, Gazprombank, are seen as particularly painful for Russia, as they prevent the financial institution from handling any energy-related transactions that involve the U.S. financial system. The U.S. Treasury also accused the bank of being a conduit for Russia to purchase military materiel for its war effort against Ukraine and to pay Russian soldiers.
Economists say there's no doubt that the war, and Western measures designed to punish Russia for its invasion, are starting to really hit home.
RUSSIAN RUBLE CENTRAL BANK FOREIGN PURCHASES CURRENCY MARKET VOLATILITY RUSSIA UKRAINE WAR
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.
ECB’s Villeroy: Expect more rate cutsEuropean Central Bank (ECB) Governing Council member and Bank of France President François Villeroy de Galhau shed light on the central bank’s policy move on Wednesday.
Read more »
Pritchard scores 18, Central Michigan knocks off Central State (OH) 86-52Led by Anthony Pritchard's 18 points, the Central Michigan Chippewas defeated the Central State of Ohio Marauders 86-52. The Chippewas are now 3-2 on the season.
Read more »
Thailand economic recovery uneven, central bank minutes from rate-cut meeting showThailand economic recovery uneven, central bank minutes from rate-cut meeting show
Read more »
Switzerland is now flirting with deflation, causing a dilemma for its central bankSwitzerland could be at risk of slipping into deflationary territory next year as a stronger Swiss franc dogs policymakers' efforts to get a handle on prices.
Read more »
Lebanon's detained former central bank governor faces new corruption chargeA Lebanese judge has charged the country’s detained former central bank governor with illicit enrichment and issued an arrest warrant. The warrant issued for Riad Salameh on Thursday is the second in less than two months. Salameh was charged by the judge over an apartment that was rented in France to be a substitute for the central bank if needed.
Read more »
Pakistan central bank set to deliver fourth consecutive rate cut to revive economy: Reuters pollPakistan central bank set to deliver fourth consecutive rate cut to revive economy: Reuters poll
Read more »