Central Bank of Russia raises key interest rate to 20 percent
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Is Putin a war criminal Ms. Wagenknecht? – “Yes, although…”
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Against the background of the Ukraine war, left-wing politician Sahra Wagenknecht has admitted that she was wrong in her assessment of Vladimir Putin. However, she doubts that a “new armament spiral” is the right answer from the federal government.
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The ruble fell 42 percent to a record low last night. The Russian central bank reacted with a massive increase in interest rates, which will make loans in Russia extremely expensive. Deutsche Börse suspends trading in Russian securities.
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Dhe Russian central bank is reacting to the currency crisis as a result of western sanctions by drastically raising interest rates. The key interest rate will rise from 9.5 to 20 percent, as the monetary authorities announced in Moscow on Monday. At the same time, they signaled their readiness for further increases. Central bank chief Elvira Nabiullina wants to explain the measures during the day at a press conference.
The ruble has fallen to a record low due to tightened sanctions. On the EBS trading platform, it fell by almost 42 percent during the night. At times, 119 rubles had to be paid for one dollar.
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Higher interest rates can help stabilize the exchange rate and also curb inflation, but they also make loans more expensive – for investments, for example. Local companies should also sell 80 percent of their foreign exchange earnings, announced the central bank and the Ministry of Finance.
Exchange trading in Moscow is delayed
Forex trading on the Moscow Stock Exchange is not scheduled to start until 10 a.m. Moscow time on Monday – three hours later than usual. Meanwhile, the Central Bank of Russia banned foreigners from selling Russian securities. The currency watchdogs ordered the dealers not to execute sell orders from foreigners. Against the background of the Ukraine war, Deutsche Börse suspends trading in Russian securities. This applies with immediate effect, the stock exchange operator announced.
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According to information from Brussels and Berlin, the EU put into effect the announced serious sanctions against the Russian central bank during the night. They include a ban on transactions by the bank in relation to Russia’s large currency reserves in euros. In addition, the assets of the bank in the EU are confiscated. Chancellery State Secretary Jörg Kukies resigned in one go Tweet assumed that the US would take similar steps.
Singapore also wants to impose sanctions on Russia. Asian financial hub announces “reasonable sanctions and restrictions”. These are to include measures in the banking and financial sectors as well as export controls for goods that could be used as weapons against the population of Ukraine.
