Economy of Russia

Russia Hikes Key Rate to 17% to Halt Rouble’s Slide

Russia's central bank announced on Tuesday it increased its key lending rate to 17% with immediate effect to avert a currency crisis.

The rouble on Monday posted its biggest one-day drop versus the US dollar and the euro since 1999. The Russian currency traded 5.22 roubles lower to the dollar at 63.4 and 6.53 rubles lower to the euro at 78.81.

Bako admits to another shooting that killed man in Athens

Arber Bako, the man who opened fire on a bar in Mikrolimano last month, injuring more than 10 people, admitted on Tuesday to taking part in another attack that led to one man being killed, sources said.

Bako appeared before a prosecutor to give his deposition after being arrested last week.

Turkey, Russia building new investment platform for joint projects across Russia’s regions

The Russian Direct Investment Fund (RDIF) and Renaissance Holding of Turkey have agreed to jointly invest in projects across Russia’s regions.

The two parties will invest in the healthcare and infrastructure sectors, using public private partnership (PPP) models, while also undertaking the construction of new shopping centers in the regions.

General consolidated budget revenues and expenses go up 1.32 billion lei, in thrid revision of 2014

The revenues and expenses of the general consolidated budget go up some 1.32 billion lei in the balance and the general consolidated budget deficit will be kept as nominal value at 14.713 billion and as share in the gross domestic product (GDP), at 2.2 per cent, according to the emergency ordinance draft setting the legal framework for the third budget revision for 2014.

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