MOSCOW: Russia failed to halt the collapse of the rouble on Tuesday, leaving President Vladimir Putin facing a full-blown currency crisis that could weaken his iron grip on power.
A 6.5 percentage point interest rate rise to 17% overnight failed to prevent the currency hitting record lows in a “perfect storm” of low oil prices, looming recession and Western sanctions over the Ukraine crisis.
Putin has blamed the rouble’s crash on speculators and the West, while a presidential spokesman on Tuesday attributed the market turbulence to “emotions and a speculative mood”.
The rouble lost 11% against the dollar on Tuesday, its steepest one-day …read more
Source: theSun
