JRL NEWSWATCH: “Russia cuts interest rates to 17 percent as ruble recovers.” – New York Times
“The unscheduled rate change came after the ruble had regained most of its losses since Russia invaded Ukraine.”
“… The central bank said inflation would continue to rise but that recent data had pointed to a slowdown in price increases …. The annual rate of inflation neared 17 percent at the start of April … [T]he central bank said … ‘external conditions’ for the Russian economy were still ‘challenging’ and constraining activity.’ The United States and Europe have led sanctions against Russia, intended to isolate it …. Access to the central bank’s foreign currency and gold reserves held overseas were blocked. Many Western companies and banks have pulled out …. Major financial institutions have also been affected … [G]overnments are increasingly targeting Russia’s energy exports …. Last month … Nabiullina[] said … almost all companies were experiencing disruptions in … production … supply chains and … dealing[s] with foreign counterparties. …”