Russia’s currency has taken a significant 20 percent plunge this year against the dollar and euro, but analysts are confident that Russia’s sturdy stash of foreign reserves and miniscule external debt make the ruble one of the ‘most stable’ currencies.
More and more countries are using electronic payments instead of physical as they’re much cheaper, easily traceable and help to combat terrorism financing, money laundering, tax evasion and the black market, economist Konstantin Gurdgiev told RT.
The EU economy wasn’t doing well but sanctions against Russia have worsened it even more, with Germany seeing a decrease in industrial output and exports by 5 percent, which is not a simple downturn but a collapse, economic analyst Michael Mross told RT.
The leader of an influential Italian Eurosceptic political party, the Five Star Movement (M5S), says he will collect one million signatures required to petition the Parliament to conduct a referendum on Italy leaving the Eurozone as soon as possible.
Corporations around the world have billions of dollars in their bank accounts and they don’t spend it because the economy is not growing, but the economy is not growing because they are not spending the money, stock market analyst David Kuo told RT.
With current forecasts Germany can’t keep up the rates of economic bailout and credit support that it has previously given to South European countries, the director of the Freedom Association in the UK Rory Broomfield told RT.
Even though China is stronger in terms of purchasing power parity (PPP), the US remains the largest economy in absolute terms and is likely to keep this position for at least six more years, Max Fraad Wolff, New York based economist, told RT.
A senior London banker has become the first person to be prosecuted for fixing the London interbank offered rate (Libor), a scandal that resulted in billions worth of losses for savers as banks fraudulently boosted their profits.
The Russian ruble has lost more than 20 percent against the US dollar since the beginning of the year, but what does that really mean, for Russia, its people, and economy? RT talks to Ben Aris, Editor-in-Chief of Business New Europe, to find out.
President Putin said Russia isn’t planning on controlling foreign currency flows, putting to rest rumors that the weakening ruble would force the Central Bank to limit the free movement of currency across its borders.
The ruble slid to a new record low of 39.71 against the dollar Tuesday. The Russian Central Bank has been quick to quash fears it would re-introduce capital controls to limit the amount of foreign currency purchases, or even moved outside the country.