Apple has stopped online sales in Russia as the sharp decline in the ruble has led to a financial crisis in the country. On Tuesday, the Russian currency collapsed as much as 20% against other currencies, despite efforts by Russia's Central Bank to stop the decline. Economics 101 calls for hikes in interest rates as a way to attract buyers to a free-falling currency, and the Russian Central Bank hiked rates sharply. The ruble has declined 60% this year.Foreign companies doing business in Russia, like Apple, are finding that the rubles they collect from Russians purchasing their wares, are ...
from PhoneArena - News http://ift.tt/1Ak9qHf
0 comments:
Post a Comment