Russia’s central bank has been forced to desperately raise its interest rates to a horrifyingly high 12% as the country’s economy reaches terminal velocity.
The ruble is now at a historically low value against the US dollar, having lost over 30% in value since January this year.
The net effect is that the money in ordinary Russian people’s pockets will be worth close to nothing, while facing a massive hike in interest rates. This will certainly lead to widespread financial hardship and ruin for millions.
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