Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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Russia’s ruble down 7 per cent after report shows economy shrinking for first time since 2009
– canadianbusiness.com
MOSCOW – The Russian currency extended its losses on Monday after a report showed the economy has started shrinking in annual terms for the first time since 2009 as the country is buffeted by falling oil prices and Western sanctions.
Meanwhile, the government, which has been scrambling to support the ruble and the economy, announced fresh steps to keep the banks afloat.
The ruble has been one of the world’s worst performing currencies this year and was down another 5 per cent on Monday, trading at 56 rubles per dollar in early afternoon in Moscow, wiping off some of the gains it made last week.
The fall came as the Economic Development Ministry issued a report showing the economy shrank by 0.5 per cent in November compared with a year earlier. The ministry attributed the year-on-year decline in the economy, Russia’s first in five years, to a sharp drop in manufacturing and investment.
The economy has been buffeted by a combination of lower prices for the country’s crucial oil exports and the impact of Western sanctions…
Meanwhile, the government, which has been scrambling to support the ruble and the economy, announced fresh steps to keep the banks afloat.
The ruble has been one of the world’s worst performing currencies this year and was down another 5 per cent on Monday, trading at 56 rubles per dollar in early afternoon in Moscow, wiping off some of the gains it made last week.
The fall came as the Economic Development Ministry issued a report showing the economy shrank by 0.5 per cent in November compared with a year earlier. The ministry attributed the year-on-year decline in the economy, Russia’s first in five years, to a sharp drop in manufacturing and investment.
The economy has been buffeted by a combination of lower prices for the country’s crucial oil exports and the impact of Western sanctions…
Exporters: Receivables insurance can make the banks sit up and take notice
– theglobeandmail.com
Once a guarantee of payment was in place, banks were more willing to lend money, RtTech, a globally focused software firm, found
