The Bank of Russia unexpectedly maintained its key interest rate at a record-high 21% , defying analysts’ expectations of another significant hike as inflation remains stubbornly elevated. The decision marks a shift toward a more measured approach in balancing economic growth and price stability. Key Details Inflation Concerns: Annual inflation climbed to 8.9% in November, well above the central bank’s 4% target , with inflation expectations reaching 13.9% in December. Policy Rationale: The central bank cited the significant tightening of monetary conditions after October’s 200-basis point hike as sufficient to resume disinflationary processes. Governor Elvira Nabiullina emphasized avoiding both economic overheating and severe slowdowns. Economic Overheating: Elevated government spending on the war in Ukraine and social programs, coupled with labor shortages and rising wages, have fueled strong domestic demand, exacerbating price pressures...
A record-breaking 55 million dirhams ($15 million) was spent by a wealthy bidder on a rare car license plate in Dubai, surpassing the previous United Arab Emirates record established over a decade ago.
Emirates Auction LLC sold the P 7 license plate, appearing like the number 7 with the P set aside, during a charity auction on Saturday. The proceeds will be donated to the global food aid initiative, 1 Billion Meals Endowment, led by Dubai ruler Sheikh Mohammed bin Rashid.
The UAE has a tradition of auctioning vanity plates, which the ultra-rich use to flaunt their status and wealth, for charitable causes. The recent auction broke a 2008 record when local businessman Saeed Abdul Ghaffar Khouri paid 52.2 million dirhams for a plate with the number 1 in Abu Dhabi. The identity of the recent auction's winner remains undisclosed.
Exorbitant prices for vanity plates are not exclusive to the Middle East, as a single-letter "R" plate was auctioned in Hong Kong this year for HK$25.5 million ($3.2 million).
Dubai has long been a haven for the ultra-wealthy to display their affluence and enjoy a tax-free lifestyle. While other regions face economic challenges, Dubai's economy remains robust, bolstered by high oil prices and an influx of wealth that supports the real estate market.
Even moderately-paid expatriates indulge in luxury cars due to lower sales tax rates compared to their home countries. However, the recent boom has resulted in increased rent and pressure on middle-class residents.
Businessman Balvinder Singh Sahni, also known as Abu Sabah, bought the D 5 plate in 2016 for 33 million dirhams. He described Dubai as a "city of gold" with "big people, secure people, nice people," where everyone wants to showcase their status.
Sahni shared an experience from 2006 when he was denied entry to the luxury hotel Burj Al Arab due to his car license plate having too many numbers. Since then, obtaining a single-digit number plate became his dream, and he seized the opportunity when he learned the proceeds would go to charity.
The plate auctioned over the weekend can be transferred to any vehicle registered in the emirate, regardless of whether it is a supercar or not. The Guinness World Records has not yet commented on the matter.
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