Article

2022-03-20 Caucasus/Russia/Central Asia

Russia keeps rate at 20% as economic crisis looms, cenbank to buy govt bonds

March 18 (Reuters) - Russia's central bank kept its key interest rate at 20% on Friday following last month's massive emergency hike and said it would start buying OFZ government bonds, warning of an imminent spike in inflation and a looming economic contraction.

Bank of Russia policymakers held a scheduled rate meeting after more than doubling the key rate to 20% from 9.5% in a one-off action on Feb. 28 to support financial stability and shore up the rouble. The currency had crashed to record lows as Western countries imposed sanctions against Russia over its actions in Ukraine.

Posted by Matt 2022-03-20 09:47|| || Front Page|| [11132 views ] Top

#1 Funny what successful missile strikes, an interest payment and help from India and China can do for a currency. The ruble has soared on the back of these positive developments. It's almost back to where it was pre-invasion in February.

Buying Russian bonds at these prices looks like a winning bet.

Posted by Grusosing McGurque7114 2022-03-20 10:18|| 2022-03-20 10:18|| Front Page Top

#2 "Bet" is certainly the right term. I'd suggest you consult your financial advisor first.

Posted by Matt 2022-03-20 10:40|| 2022-03-20 10:40|| Front Page Top

#3 #1 - posting the same lie under different nyms = troll. Currently 108 Rubles : 1 US $

Posted by Frank G 2022-03-20 10:43|| 2022-03-20 10:43|| Front Page Top

#4 Can I get my check denominated in whatever currency they use in Montana? Or maybe a down payment on a pickup truck.

Posted by SteveS 2022-03-20 10:45|| 2022-03-20 10:45|| Front Page Top

#5 #3 is posting the same stupid lie under the nym "Frank G." He knows nothing of finance and can't even read a price curve correctly. The ruble bottomed out at 154 on March 7 and has been rising every day since. It will get below 100 tomorrow and keep rising as Russia destroys Ukraine this week.

Posted by Whearong the Low-priced1146 2022-03-20 11:00|| 2022-03-20 11:00|| Front Page Top

#6 ^Steve, my recollection is that Borodin also wanted a recreational vehicle.

Posted by Matt 2022-03-20 11:02|| 2022-03-20 11:02|| Front Page Top

#7 401K is worth millions in Rubles.

Posted by DarthVader 2022-03-20 11:59|| 2022-03-20 11:59|| Front Page Top

#8 Russian ruble to dollar rate over the past 2 months. According to that link, the ugliest closing rate was 136.7 on March 7, so Whearong the Low-priced1146‘s 154 on that date must have occurred some time during that day.

This is why I leave all the investing stuff to Mr. Wife, and have promised to stick to basic stock and bond funds after he dies. I started reading my father’s Barrons when I was still a child, but it turns out that reading about a thing is not the same as being able to use it.

Y’all place your bets. It won’t be long before we discover who is right.

Posted by trailing wife 2022-03-20 12:06|| 2022-03-20 12:06|| Front Page Top

#9 The economy of a country of 145 million is not going to transition to the Franc, Yuan or Rupee. Cyber, maybe.

Posted by Skidmark 2022-03-20 14:40|| 2022-03-20 14:40|| Front Page Top

#10 Biden is destroying economies in multiple counties. It may be his greatest talent.

Posted by Bill Slomomp3160 2022-03-20 17:40|| 2022-03-20 17:40|| Front Page Top

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