{"id":2001643,"date":"2023-08-15T17:50:02","date_gmt":"2023-08-15T21:50:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/russia-hikes-interest-rate-as-hackers-mock-putin-over-slide-against-us-dollar\/"},"modified":"2023-08-15T17:51:16","modified_gmt":"2023-08-15T21:51:16","slug":"russia-hikes-interest-rate-as-hackers-mock-putin-over-slide-against-us-dollar","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/russia-hikes-interest-rate-as-hackers-mock-putin-over-slide-against-us-dollar\/","title":{"rendered":"Russia raises interest rates as hackers taunt Putin over weakening against US dollar."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Frussia-hikes-interest-rate-as-hackers-mock-putin-over-slide-against-us-dollar%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2001643&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Russia Raises Interest Rates in Emergency Session<\/h2>\n<p>Russia took swift\u2063 action to address the weakening ruble in an emergency session of finance officials.\u200d This decision \u2062came after a public demand from \u200da\u200d Kremlin aide to halt\u200b the ruble&#8217;s\u200d embarrassing \u2063slide against\u200d the U.S. dollar.<\/p>\n<blockquote>\n<p>&#8220;The decision is aimed at limiting price stability risks,&#8221;<\/p>\n<\/blockquote>\n<p>The \u2064Russian Central \u2063Bank announced a 3.5% rate increase to combat the depreciation of the ruble. This significant rate hike followed the alarming point where 100 rubles equaled just \u2063one U.S. dollar. The Kremlin, known for its emphasis on symbolism, couldn&#8217;t tolerate such a \u2062blow to its image.<\/p>\n<h3>Symbolism \u200dand Economic Dynamics<\/h3>\n<p>According to expatriate Russian economist Konstantin Sonin, the Kremlin prioritizes symbolism more than any Western \u200bgovernment. While this\u200c move may not have a\u200d significant \u2062impact \u2064on\u2062 the long-term \u200bdynamics, it \u2062holds great symbolic value for Russia.<\/p>\n<p>Russia&#8217;s Central Bank\u2064 took action after facing public criticism from one of Putin&#8217;s \u200dtop economic aides. Kremlin aide \u2064Maxim\u200c Oreshkin blamed the ruble&#8217;s weakening and inflation acceleration\u200d on soft monetary policy.<\/p>\n<blockquote>\n<p>&#8220;The Central Bank has all necessary tools for normalizing the situation as early as in the\u200b near future and lowering lending rates to sustainable \u2062levels.&#8221;<\/p>\n<\/blockquote>\n<p>However, Oreshkin&#8217;s message couldn&#8217;t prevent an outburst \u2062of criticism towards\u2063 Putin. A Siberian news agency ticker, despite the risks, was hacked and edited to pour scorn\u2063 on the Russian President.<\/p>\n<p>Russian \u200canalysts and state media initially projected a 1- or 2-point rate increase, but the \u2064banking chiefs\u2062 surprised everyone by raising\u2064 rates from 8.5% to 12%. This move contradicted Putin&#8217;s previous acknowledgment that <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/russia-hikes-interest-rate-as-hackers-mock-putin-over-slide-against-us-dollar\/\" title=\"Russia raises interest rates as hackers taunt Putin over weakening against US dollar.\">high rates hinder economic development<\/a>.<\/p>\n<h3>Public Relations Over Economic Concerns<\/h3>\n<p>While <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/turkeys-lira-sinks-again-as-erdogan-cites-islamic-sharia-law-to-defend-economic-management\/\" title=\"Turkey\u2019s Lira Sinks Again as Erdogan Cites Islamic Sharia Law to Defend Economic Management\">high interest rates<\/a> may <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/massive-government-spending-will-exacerbate-2023-economic-downturn-analyst\/\" title=\"Massive Government Spending Will Exacerbate 2023 Economic Downturn: Analyst\">slow economic development<\/a>, the Kremlin is prioritizing public relations in this situation. The symbolism of the ruble&#8217;s exchange rate with the \u2062U.S. dollar matters\u2064 greatly to Russia.<\/p>\n<p>According to \u2063Sonin, the\u200b main pressure on \u200cthe ruble currently comes from increasing \u200cwar \u200dspending. The government is cutting spending on essential sectors like healthcare and education, leading to widening deficits.<\/p>\n<p>Despite the economic implications, Russia is \u2064determined to address\u200c the\u200d ruble&#8217;s slide and maintain its image on the global stage.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Russia&#8217;s interest rates were raised by 3.5% in an emergency meeting due to the ruble&#8217;s decline against the US dollar. The decision was made to mitigate price stability risks, as demanded by a Kremlin aide. This move is now open for discussion, including the impact it may have on Trump&#8217;s policies.<\/p>\n","protected":false},"author":1,"featured_media":2001644,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2001643","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2001643","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2001643"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2001643\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2001644"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2001643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2001643"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2001643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}