FINANCIAL TIMES: Russia’s Central Bank has raised its main interest rate from 10.5 per cent to 17 per cent in the middle of the Moscow night, just five days after the last rate rise and hours after the rouble suffered its worst drop since 1998…
Its move followed a day during which the rouble had tumbled more than 10 per cent against the dollar as the implications of the fall in oil prices for the country’s energy-dependent economy triggered a rout across Russian markets.
In the bleakest official forecast yet from Moscow, the Russian central bank warned that the country could see a 4.5 per cent to 4.7 per cent contraction in GDP next year if oil prices remained at $60 a barrel… (more)
