Russian Banks Experience Foreign Cash Crunch

“Russian banks raised dollar and euro exchange rates to record highs on Sunday following the Kremlin’s threat to send troops to Ukraine.  ‘We don’t have foreign cash, the last was taken five minutes ago. Now we are only buying foreign currencies but not selling,’ said an operator at a Moscow exchange office.  Russia’s largest lender, Sberbank, moved its the dollar rate to 38.50 rubles, which far exceeds the dollar’s all-time high of 36.73 rubles reached at the end of the crisis-driven ruble devaluation in March of 2009. The ruble stood at 35.89 versus the dollar at the end of the trading session on the Moscow exchange on Friday, losing more than 8% so far this year.”

http://online.wsj.com/news/articles/SB10001424052702304585004579415122628094230

Scan to Donate Bitcoin to Freedomwat.ch Staff
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin