Economy of Russia

Turkish Lira slides to new record low against dollar

The Turkish Lira tumbled to a new record low today, down to 2.426 against the dollar upon the expectation of a forthcoming rate cut by the Central Bank and the Fed's announcement of a positive trend in the U.S. economy.

Banking authorities also say the rise in the U.S. dollar has triggered the surprising rate cut by the Russian Central Bank today.

S&P Downgrades Russia's Credit Rating to `Junk`

The US rating agency Standard & Poor's (S&P) has downgraded Russia's credit rating to junk, which is below investment grade.

Russia's credit rating has been lowered to such a level for the first time in a decade, Bloomberg reports.

Having a rating of BB+, Russia is on a par with Bulgaria and Indonesia, which makes it difficult for Moscow to borrow money from investors.

S&P cuts Russia credit rating to 'junk'

Standard and Poor's stripped Russia of its investment-grade rating on Jan. 26, cutting it to "junk" status with a warning of weak growth.

"The downgrade reflects our view that Russia's monetary policy flexibility has become more limited and its economic growth prospects have weakened," the ratings agency said in a statement announcing the one-notch cut to a 'BB+' rating.

Russian Companies Interested in Building Hydraulic Structures in Bulgaria - Ambassador Isakov

Russia's Ambassador to Bulgaria Yuriy Isakov has emphasized the need for innovative approaches to developing economic and trade relations between the two countries.

Isakov met Monday with Bulgaria's Economy Minister Bozhidar Lukarski.

Obama Suggests Putin Made 'Strategic Mistake'

US President Barack Obama has said Russia's President Vladimir Putin made a "strategic mistake" when he annexed Crimea, in a move that was "not so smart".

Those thinking his Russian counterpart was a "genius" had been proven wrong by Russia's economic crisis, he said in an interview for the US' National Public Radio.

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