To try to stanch the bleeding, on Monday evening (the middle of the night Moscow time), the Central Bank of Russia announced a stunning interest rate increase. Its main deposit rate is now 17 percent, up from 10.5 percent when Russian banks closed for business Monday.It may go without saying, but a 6.5 percentage point emergency interest rate increase announced in the middle of the night is not a sign of strength. Rather, it is the kind of thing you see only in an old-school emerging markets currency crisis. And that is very much what Mr. Putin’s Russia is now experiencing.
Blogs I Follow
- Chang-Rae Lee’s On Such a Full Sea is a readable dystopia that really pushes the reader to think hard
- Enjoyed Cynthia Ozick’s story “The Coast of New Zealand” in The New Yorker
- Boneland by Alan Garner
- Encadrement du responsable du centre multimédia de Houndé (CMH) sur les techniques de rédaction des livres pour enfants
- Funny in Farsi by Firoozeh Dumas
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