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The Russian Ruble is in steep decline, losing another 3% just in a matter of hours. I guess that the Russian base interest rate will be increased soon above the current and high 21%, in order to slow down this development.
Russia's stagflation (recession plus inflation) has begun and the fast dropping value of the Russian currency is only but a taste of what's about to come.
@elCelio@mastodon.uno@Tendar
I think Chemezov (CEO of Rostec, a state military insustrial company, and personal friend of putin) won over Nabiullina (head of the central bank)
This is a way of devaluing salaries and pensions, hinder civilian imports, help oil exports, and then keep russian companies afloat.
If this is the case, I even doubt that the central bank will increase the interest rates despite the inevitable rising inflation.
@Tendar
wow. I predicted right.