MOSCOW (AP) — The slide in the value of Russia’s ruble is straining that country’s banking system.
Russia’s Central Bank says it has bailed out a mid-sized bank, at a cost of about $500 million, in order to save it from bankruptcy. It will also place Trust Bank under its supervision until it finds an investor.
The bank’s problems follow a tumultuous period for the ruble, which is one of the worst-performing currencies this year, along with Ukraine’s currency. It has fallen by a half this year as oil prices have fallen. Last week, its descent gathered pace, sparking a consumer boom …read more
Source: KXAN
