Investors withdrew a record $1.4 billion in Russian assets and bonds in the week ending Wednesday as the coronavirus pandemic sent shockwaves through the global economy, the state-run Prime financial news agency reported Friday.
From March 12-18, net outflows reached $1.4 billion, up from $590 million the previous week and an all-time high, Prime reported, citing the BCS Global Markets investment firm.
Falling oil prices and instability from the coronavirus have ramped up volatility in Russian markets in the past several weeks. The Russian ruble has been badly hit, trading at 80 rubles per U.S. dollar for the first time since Russia’s 2016 financial crisis on Wednesday.
On Friday, Russia’s Central Bank announced it would hold its key interest rate at 6% to try to combat inflationary pressure from the falling ruble, after having increased the rate at its previous six meetings.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
