Russia’s central bank has sharply raised its key interest rate to 20% from 9.5% in an attempt to shore up the plummeting ruble and prevent a run on banks.
Will gas and food prices continue to rise? How might the conflict in Eastern Europe affect Silicon Valley and Hollywood?
“It’s going to ripple through their economy really fast,” said David Feldman, a professor of economics at the College of William & Mary in Virginia. “Anything that is imported is going to see the local cost in currency surge. The only way to stop it will be heavy subsidization.” Russia’s central bank immediately stepped in to try to halt the slide of the ruble. It sharply raised its key interest rate Monday in an attempt to shore up the currency and prevent a run on banks.
That dramatically raised pressure on the ruble by undermining financial authorities’ ability to support it by using reserves to purchase rubles.
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