The Central Bank of Russia (CBR) has cut the key interest rate by 100 basis points to 11.5 percent, saying inflation risks have weakened as the economy is cooling. The CBR hopes to reach its target of 4 percent inflation by 2017.
Political activists gatecrashed Barclay’s AGM in Central London on Thursday to highlight the role of private finance initiatives (PFI) in “killing off” Britain’s public services, racking up unsustainable debt, dodging tax and funneling profits offshore.
With the US economy improving and the unemployment rate expected to fall to the 4 percent range, maintaining interest rates near zero risks destructive asset-price bubbles, according to a Federal Reserve official.
The Singaporean dollar tumbled to a 4-year low against the US dollar after the Monetary Authority unexpectedly stymied currency appreciation. The move is just the latest in the trend of weaker currencies in 2015.
The Russian ruble lost 5 percent on Tuesday on the second day of post-holiday trading on the Moscow Stock Exchange. Sliding oil prices, which dropped below $50 per barrel on Monday, continue to weigh on the currency.
The US stock market hit a historic milestone on Tuesday, following an announcement that the country’s economy grew five percent between the months of July and October ‒ its fastest pace in over a decade.
President Putin has not disclosed his future strategic plans during the annual Q&A since to surprise international markets one should always have an ace up the sleeve, French economist Jacque Sapir told RT.
The Central Bank of Russia has increased its key interest rate to 17 percent in order to curb the inflation risks and rapid devaluation of the national currency, which hit a historic low of 64 rubles against the US dollar in Monday evening trading.
The Russian Central Bank has increased borrowing costs to 10.5 percent to avoid a further rout of the ruble. The currency has lost more than 40 percent this year, and annual inflation is slated to reach 10 percent.