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tangs

38,085 Posts.

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15/08/23

19:16

Post #: 69354632
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Originally posted by tangs: ↑

and in case you missed it .... interest rwtes going from 8.5% in russia to 12%

yep things are going real fine in the rusisan economy !
Russia hikes interest rates after rouble slides
Russia has hiked interest rates to 12% after the rouble fell to its lowest value in 16 months.
The rouble fell past 100 per US dollar on Monday, prompting Russia's central bank to hold an emergency meeting.
The Bank of Russia said it decided to raise interest rates from 8.5% to curb inflation, which hit 4.4% in August.
Pressure has been mounting on the Russian economy due to imports rising faster than exports and military spending growing for the Ukraine war.
"Steady growth in domestic demand surpassing the capacity to expand output amplifies the underlying inflationary pressure and has impact on the rouble's exchange rate dynamics through elevated demand for imports," the Bank of Russia said in a statement.
https://www.bbc.com/news/business-66508154

"Steady growth in domestic demand surpassing the capacity to expand output

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means they can't

make what they need !

Expand

why can't they make what they need to ??

because of sanctions , because of the lack of manpower (because of conscription of workers and young men leaving to avoid conscription) and because of the effort being put into weapons and ammunition production
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