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They can’t explode the interest rate from 8% to 60% over night. This is the latest in half a dozen incremental increases, each one very high by western standard
by unsupp0rted 3y ago
They can’t explode the interest rate from 8% to 60% over night. This is the latest in half a dozen incremental increases, each one very high by western standards (but each one tiny relative to inflation).
Now they’re finally approximately in the range of “this might actually have some useful effect”.
- dizhn 3y agoThey've had to become this drastic because they refused to do it and decreased it instead when exchange rates & inflation were already getting out of hand and relatively small adjustments could have had an effect. It was a weird religious belief and personal "feelings" of the president, who calls himself an economist (among other things).