Russia’s middle class has a new dilemma, and the central bank’s to blame. This time, it’s not quite as dramatic as the governor cancelling all pre-‘92 bank notes overnight, nor is it a ruble crash from yet another oil-price shock.
No, the problem this time is Russia’s economy is becoming too ‘normal’ and interest rates have fallen so low that the traditional safe haven of choice – high yielding bank deposit accounts – no longer pay enough to make them interesting to retail punters.
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