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[Mictlantecuhtli]

78.21... 79.5 now. Holy jesus.. This is a pretty big sign capital controls are incoming, or confidence has completely evaporated overnight.. Either one isn't good news..

[Sheb]

Someone must be making a ton of money right now.

[Knit tie]

Someone must be making a ton of money right now.

Yes, the central bank. That's why they haven't done much about the inflation.

[FearfulJesuit]

It's quieted down a bit, but it's still at about 73 rubles. It hit 80 an hour ago or so.

Also, it is mega scary when a currency loses, what, a quarter of its value in period of twenty-four hours.

EDIT: Also, yeah, found this gem on Bloomberg:

“The central bank is trying to stop the avalanche, and such a massive hike may be sufficient,” said Slava Breusov, an analyst at Alliance Bernstein in New York. “No one seems to be thinking what it will do to the economy, as the priority is to stop the ruble plunge.”

[Sheb]

Knit Tie: Care to explain your reasoning?

[Knit tie]

Knit Tie: Care to explain your reasoning?

I mean, look at this: VneshTorgBank's stable, so is Transneft, metallurgy's growing, and ruble's been plunging like crazy, way more than it should've if only the market forces were in action. And central bank has recently tried to kill the Russian economy some more with horrible rates, right after telling us that Putin's an idiot and has got it all wrong about the depreciation. Suspicious, isn't it?

If something smells like massive-scale manipulations, and calls people who say that measures should be taken against massive-scale manipulations stupid...

I don't know, gentlemen, I think Nabibulina and friends will start finding polonium on their sushi really damn soon.

[FearfulJesuit]

Knit Tie: Care to explain your reasoning?

I mean, look at this: VneshTorgBank's stable, so is Transneft, metallurgy's growing, and ruble's been plunging like crazy, way more than it should've if only the market forces were in action. And central bank has recently tried to kill the Russian economy some more with horrible rates, right after telling us that Putin's an idiot and has got it all wrong about the depreciation. Suspicious, isn't it?

If something smells like massive-scale manipulations, and calls people who say that measures should be taken against massive-scale manipulations stupid...

I don't know, gentlemen, I think Nabibulina and friends will start finding polonium on their sushi really damn soon.

Well, what alternative does Russia have? Spend its (admittedly massive) foreign-exchange reserves just to prop up the ruble? It can't do that forever, and returning the ruble to the 30-40 per dollar range would be exceptionally expensive.

If something cannot keep going on forever, it will stop, regardless of who's running the show.

[smjjames]

It would also be bad for business for the bank to go and ruin the economy, but then again, the oligarchs and banks don't follow that line of logic.

[Knit tie]

It would also be bad for business for the bank to go and ruin the economy, but then again, the oligarchs and banks don't follow that line of logic.

Exactly. 17% goddamn percent. Followed by Nabibullina pretty much telling us to suck it up and stop whining.

[smjjames]

...

English articles would be nice....

*goes and google translates the thing*

[Knit tie]

...

English articles would be nice....

*goes and google translates the thing*

English articles don't usually resemble the Russian articles they were supposedly based on.

[Sheb]

Well, according to wiki, the Central Bank's mandate is to keep inflation in check after all.

[smjjames]

Isn't the i inflation going out of control though? I've only been half following the economics stuff in this thread because it's mostly going over my head (mainly the details of it, but I get that inflation is increasing).

Not sure what was reported, but I guess after that recent firestorm, Toady One was just being pre-emptive and saying to calm down.

[FearfulJesuit]

Well, according to wiki, the Central Bank's mandate is to keep inflation in check after all.

Yeah. The RCB's biggest mandates right now are to keep inflation in check and do their best to keep the ruble from crashing and burning. If that means the economy goes into a sharp recession, then so be it.

[Zangi]

Who else here wants the current Russian administration to survive this?  I do.  So Putin can continue giving the finger to the West.

Its just my fuck the world powers feeling.

Also the fact that with a crashed Russian economy/government... there will be starving people... riots and everything inbetween.  All for the sake of Western wet dream regime change.