The Russian central bank has dropped its key interest rate from 17% to 15% as the outlook for the country’s economy in weakens. The Bank of Russia hikes interest rates by 6.5% last month in a shock decision that came at 1am local time. The measure was intended to head off a collapse in the value of the ruble, which fell to an all-time-low of 80 rubles to the dollar and 100 rubles to the euro in December. However, the sharp rate hike put pressure on the country’s already struggling economy, which was being buffeted by a combination of collapsing …read more
Source: Business Insider
