Technology
giant Apple says it cannot sell products online in Russia because the rouble's
value is too volatile for it to set prices. The
company stopped sales of its iPhones, iPads and other products in the country
after a day in which the currency went into free-fall. Continue..
The
rouble has lost more than 20% this week, despite a dramatic decision to raise
interest rates from 10.5% to 17%. By afternoon trade the rouble was flat with one dollar buying 68
roubles. Its all time low, set on
Wednesday, saw one dollar buying as many as 79 roubles. Apple
last month increased its prices in Russia by 20% after the weakening rouble
left products in the country cheaper than in the rest of Europe.
Russia's
central bank said on Wednesday it had spent almost $2bn intervening in the
currency market on Monday. It has
spent around $80bn trying to prop up its rouble this year, but despite that,
the currency has lost more than half its value against the dollar since
January, with cheaper oil and Western sanctions over its stance over Ukraine
the chief factors.
Both of
these have weakened the Russian economy. Russia's
central bank has pledged fresh further measures to try to stabilise its
currency, with First Deputy Governor Sergei Shvetsov describing the situation
as "critical".
The rouble's slide this week
was prompted by fears that the US was considering a fresh set of sanctions
against the country for its support for separatists in Ukraine.
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