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Emerging Markets: Russia: (Deep) Recession, and the Risk of Default
- Default (whether sovereign or corporate) does not appear to be an imminent danger. But the costs of the present policy to stabilize the ruble are nonetheless steep. The interest rate hike recently instituted by the central bank took the key policy rate from 10.5% to 17%; the rate was 8% at the end of October. One-year prime lending now takes place at near 20%, while inflation has climbed to around 11%.