Ruble Rescue Comes With Economic Cost, Oil Caveat: Russia Credit

December 22, 2014 9:03 AM

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Russian policy makers are signaling they’re prepared to sacrifice economic growth in order to stabilize the ruble.

The Bank of Russia raised its benchmark interest rate by the most in 16 years last week and created a money-market cash squeeze, helping the ruble strengthen 41 percent from a record low on Dec. 16. The consequence of this means the oil producer’s economy may shrink 7.9 percent in 2015, Danske Bank ...

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