MicroWaveAug 15, 2023

Russian central bank jacks up interest rates to 12% at emergency meeting after ruble plunge

https://lemmy.world/post/3223059

Russian central bank jacks up interest rates to 12% at emergency meeting after ruble plunge - Lemmy.world

Russia’s central bank on Tuesday hiked interest rates by 350 basis points to 12% at an emergency meeting, as Moscow looks to halt a rapid depreciation of the country’s ruble currency. The ruble slumped to near 102 to the dollar on Monday, as President Vladimir Putin’s economic advisor, Maxim Oreshkin, penned an op-ed in Russian state-owned Tass news agency that blamed the plunging currency and the acceleration of inflation on the “loose monetary policy” of the central bank.

Show threadburningquestion
For the benefit of anyone else who also has to look up basis points whenever they come up, 1 basis point = 0.01%. So hiking the rates by 350 basis points = 3.5% rate hike.
Aug 15, 2023 at 10:09amWeb
Show threadkitonthenetAug 15, 2023
By comparison during the height of the inflation issue in the US the fed only hiked it 0.75% at each meeting for a couple meetings
Show thread8bitguyAug 15, 2023

I don't think there's really a comparison, but the US Fed increased the prime rate significantly more than how you worded that. They did it over a year or so depending on how you interpret the data. The rate was increased by 5%, which is more than double, from 3/22 to 8/23.

https://www.jpmorganchase.com/about/our-business/historical-prime-rate

Historical Prime Rate

Show threadCluckNAug 15, 2023
Jokes on you I worship my central bank shrine every morning.
Show threadEyesEyesBabyAug 15, 2023
3.5% point*