The Russian central bank raised rates to 9.5% in a gamble that higher rates will halt the ruble’s slide against the dollar and the euro. The bank’s board decided to raise rates despite a weak economy after the ruble hit historic lows against the dollar and the euro this month. Over October the central bank burned through more than $15 billion of Russia’s foreign exchange reserves buying rubles in an effort to soften the impact of falls on the country’s businesses. Since the start of the year the country’s international reserve stockpile has dropped over $30 billion from $469.5 billion …read more
Source: Business Insider
