The ruble is collapsing again. The currency dropped by as much as 9.3% on Monday — the biggest decline since December 15. This crash follows the Economy Ministry’s announcement that GDP contracted by 0.5% from a year earlier, following a 0.5% increase in October. “This is linked to sanctions first of all, oil and the panic we saw on the market in December. The damage to the banking system and consumer sentiment will take a long time to repair,” Dmitriy Polevoy, the chief economist for Russia and the CIS at ING Bank of Moscow, told the Moscow Times. Additionally, oil …read more
Source: Business Insider
