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Russian Businesses Struggle as Ruble Hits Record Low

1/4/2025

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Summary

Story summary

Russian businesses are voicing their frustrations over soaring interest rates as inflation escalates due to the ruble's plummeting value. In November 2024, the ruble sank to a staggering 114 per dollar. Meanwhile, the Central Bank of Russia has paused foreign currency purchases until 2025, keeping the key interest rate at a staggering 21%, the highest since the Ukraine invasion.

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Story summary

Russian businesses are voicing their frustrations over soaring interest rates as inflation escalates due to the ruble's plummeting value. In November 2024, the ruble sank to a staggering 114 per dollar. Meanwhile, the Central Bank of Russia has paused foreign currency purchases until 2025, keeping the key interest rate at a staggering 21%, the highest since the Ukraine invasion.