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Bitcoin approached the $100,000 mark this week, trading around $95,600 after a brief dip to $90,702.27, as investors took profits amid concerns that the psychological barrier may hinder further gains. Analysts suggest that the recent surge could mislead investors, with some viewing it as a return play rather than a reflection of intrinsic value. Meanwhile, the U.S. is considering looser chip export restrictions, and China is tightening tungsten exports, impacting global markets.
The ruble has plummeted over 9% against the dollar and 6% against the yuan since the US imposed sanctions on approximately 50 Russian banks on November 21. This decline is intensifying pressure on the Bank of Russia to implement a significant interest rate hike to combat rising inflation.
Russia's economy is facing severe challenges as the ruble plummets, hitting its lowest level since March 2022, amid ongoing sanctions and a war-focused domestic economy. The central bank has halted foreign currency purchases to stabilize the market, but inflation continues to soar, exacerbating economic instability. Despite some growth driven by oil and gas exports, the situation is deteriorating, with experts warning of a potential currency crisis.
Russia's Federation Council has approved a bill for the taxation of cryptocurrencies, now awaiting President Putin's signature. This move marks a significant step in the country's regulatory approach to digital currencies.
Soven 1 Holding Limited has acquired an 87.74% stake in Priorbank Open Joint Stock Company from Raiffeisen Bank International AG, marking RBI's complete withdrawal from the Belarusian market. The transaction, finalized on November 28, 2024, received all necessary regulatory approvals and allows Priorbank to operate independently.
Raiffeisenbank continues to operate in Russia, serving 3.3 million customers, despite its long-standing desire to withdraw. The bank is under scrutiny as a new law allows financially troubled Russians to enlist in the military in exchange for debt forgiveness, a move supported by the Kremlin. While Raiffeisenbank has previously complied with similar military-related financial requirements, it has refrained from commenting on this latest development.
Fresh US sanctions targeting around 50 Russian banks have led to a significant decline in the ruble, which has fallen over 5% since November 21. The currency has now surpassed 105 per dollar, marking its weakest point since March 2022, following the initial sanctions imposed after the invasion of Ukraine.
Israeli and Lebanese leaders have agreed to a ceasefire amid ongoing conflict. Meanwhile, Mexico responds to US president-elect Donald Trump's tariff proposals, while President Joe Biden works to solidify his legacy in his final weeks in office. Additionally, the Russian rouble has fallen to its lowest value against the dollar since the onset of the Ukraine invasion.
Gérard Wertheimer, co-owner of Chanel, remains Switzerland's richest person in 2024, with a fortune of 37-38 billion francs, despite a decline in the luxury sector. The Hoffmann, Oeri, and Duschmalé family follows with 28-29 billion, while Klaus-Michael Kühne holds third place with 27-28 billion. The Blocher family and Guillaume Pousaz round out the top ten, with fortunes of 15-16 billion and 14-15 billion francs, respectively.
Despite facing stringent sanctions due to the war in Ukraine, Russia's economy is experiencing its fastest growth in over a decade. However, the rise in interest rates may indicate potential challenges ahead for the nation's economic stability.
Russian Ruble
Currency
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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