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.
Putin is planning to push credit out a window.
And if that doesn’t work, the finance minister.
Or the poor sod that the finance minister points a finger at.
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Three bullets to the back of the head. A tragic suicide.
I still have no idea how credit managed to stuff themselves into a duffel bag, zipped it up and decided to hang out in that car trunk.