Tuesday, September 26, 2023

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Russian financial turmoil- Ruble plunges 30%; key interest rates raised to 20%

The West has effected a slew of sanctions against Russia leading to financial issues for the country.

Russia’s central bank announced Monday it was raising its key interest rate to 20 per cent from 9.5 percent after EU agreed to ban Russian Central Bank transactions.

“The Bank of Russia’s board of directors has decided to raise the key rate to 20 percent,” the central bank said in a statement carried by Russian news agencies.

Monday morning, the Russian ruble tanked almost 30% even as European Central Bank said that the European subsidiary of Russia’s state-owned Sberbank is facing bankruptcy adding further woes to Russian financial institutions.

Last week the EU and US had banned Russia from SWIFT payments systems apart from imposing many other sanctions against the Oligarchs and Wealthy & Influential Russians.

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