English | دری

Russia’s roubel hits its lowest in 16 years

in International Business

Russia’s roubel hits its lowest in 16 years

The Russian roubel has lost more than half of its value against the dollar this year, with hitting its lowest in 16 years this week.

Despite the rise in interest rates from 10.5% to 17% by the central bank, the roubel remained volatile and has lost more than 20% of its value in a week.

The drop in the oil price and stern western sanctions have been the chief factors behind the poor performance of the currency.

The World Bank has predicted Russia’s economy would shrink by at least 0.7% in 2015 if oil prices did not recover.

Raising interest rates may prevent money leaving the country, but it can slow down growth as a result of expensive borrowing.

Technology giant Apple has halted sales of its products in Russia after the roubel went to free-fall.

Tags assigned to this article:
russia economyRussia roubelRussia sanctions

Related Articles

EU should have two different budgets- David Cameron

David Cameron seems to most likely veto the current proposed budget of the EU “if necessary”. “The EU budget is

Apple ordered to re-write its statement to Samsung

Apple has to re-write its statement to Samsung within 2 days and make clear that Samsung had not infringed the

Burma floating its currency exchange rate

In one of the biggest economic reforms that Burma has seen, the central bank has set the reference exchange rate

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment

Your e-mail address will not be published.
Required fields are marked*