- The Russian central bank must first save since the outbreak of the Russian ruble crisis, a bank from bankruptcy. The Trust Bank is one of the largest Russian commercial banks.
- The ruble has for sanctions of Western countries and falling crude oil prices since the beginning about 50 percent of its value lost.
What the rescue costs
save
Because of the ruble crisis, the Russian central bank has its first commercial bank to go bankrupt. The Trust Bank will receive 30 billion rubles soon (433 million euros) support money, said the central bank in Moscow. The supervision of the ailing bank will therefore assume the Deposit Insurance Agency temporarily, it said. Those measures, “it will allow trust to continue the payments seamlessly.”
The Trust Bank is on the run from the central bank’s top 15 list of Russian commercial banks. It has 253 branches in about 160 cities. She became famous by an advertisement with the Hollywood actor Bruce Willis: In the video, he saves a woman’s life, as he leads a consultation on the phone
Individuals held December 1 accounts totaling. of 145 billion rubles (2.1 billion euros). The central bank announced that it would seek an investor – this could be one of the largest banks in the country
ruble crisis in Russia The deliberate crash
The ruble falls and falls and falls – and that’s a good thing. The crash of the currency shows that the sanctions imposed by the West against Russia act. He is also an expression of an epochal change in the world economy.
Why does the ruble slight recovery has
Due to Western sanctions against Russia and falling crude oil prices the ruble since the beginning lost about 50 percent of its value. Meanwhile, the ruble recovered, although again, the pressure on the Russian banks is still large. The interest rate at which banks lend money to each other has risen sharply in the past few days – a sign of nervousness and lack of liquidity. The government plans to support the industry with support totaling one billion rubles (13 billion euros).
Where the slight recovery of the currency is coming? In addition to the slight increase in oil prices – they play an important role in the Russian economy is heavily dependent on crude oil – is likely to have strengthened the ruble an offer from China. “If Russia needs help, we will help within our capabilities,” Chinese Foreign Minister Wang Yi said on Saturday in a televised interview. However, further details he did not name.
Finance intervened
In addition to the development of oil prices declared foreign exchange expert Ulrich luminous man of Commerzbank, the rest of the ruble also with the recent decision of the Russian Ministry of Finance. Accordingly dollar reserves of the Ministry in currency markets to support the Russian currency to be used. “The decision of the Ministry to provide seven billion US dollars of foreign exchange reserves for intervention has clearly helped the ruble,” luminous man. Said but
decisive for the future trend is mainly the Russian central bank. According to the experts Commerzbank, the central bank stands ready to make headway with dollar interventions in the foreign exchange market against the ruble weakness. However, multi-billion dollar interventions were virtually ineffective fizzled last. This was also true for the drastic rate hike at the beginning of last week.
Customs barrier for grain products
That the situation, despite the recent ruble recovery is still tense, is not only the almost -Bankrott the Trust Bank. At the beginning of the week Russian news agencies reported that the government had approved a tariff barrier for grain exports. This could be built within 24 hours
The background:. For farmers, the export of grain is more attractive than selling in Russia. The turnpike is now to provide for a larger grain supply and lower prices in the domestic market. According to media reports, already a rising price of bread is expected by ten percent. Russia is the third largest grain exporter in the world – in the European markets rose after the announcement, the rates for wheat
crash of the ruble “Who will dismiss the President?”
fall in oil prices, sanctions, capital flight: The crash of the Russian currency alerted the financial markets. In the press already was a “black Monday,” the speech. Now, hurry wanted someone to blame.
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