The hope is that it will provide relief to those who can’t tap foreign capital markets to refinance loans because of Western sanctions.
The move is the latest in a series of efforts by the Central Bank to ease the selling pressure on the ruble, which has been one of the world’s worst-performing currencies this year as a result of the fall in oil prices and the sanctions imposed on Russia for its involvement in the crisis in Ukraine.
On Tuesday, credit rating agency Standard & Poor’s put the country on notice that it may face a downgrade following “a rapid deterioration …read more
Source: San Francisco Chronicle
