👀 Russia 🇷🇺: Central Bank Raises Key Rate to 21%

👀 Russia 🇷🇺: Central Bank Raises Key Rate to 21%

The Bank of Russia remains committed to reducing inflation to a target range of 4.5–5% by 2025, although projections suggest that by the end of 2024, inflation will likely stay around 8.0–8.5%.

▶️ While interest rate hikes traditionally strengthen the national currency, high inflation and various geopolitical factors mean this increase is unlikely to boost the ruble.

▶️Why does this matter to the crypto community❓ — Foreign trade continues to face significant obstacles, increasing the likelihood that cryptocurrencies will be used for transactions with international partners.

▶️ Since the beginning of the year, Bitcoin has been the most profitable asset, rising 29% in nearly 7 months. In comparison, silver rose 23% and gold 21% over the same period.

▶️ On P2P platforms, the ruble’s exchange rate against dollar-backed stablecoins mirrors trends in the Russian currency. As of October 25, the USDT-to-ruble rate was 99.50, and it’s currently at 1:97.18.
#news #Russia #crypto

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