Moscow (AFP) – The Russian central bank early Tuesday announced a dramatic hike of its key interest rate from 10.5 to 17 percent after the ruble plunged to a fresh record low.This decision is aimed at limiting substantially increased ruble depreciation risks and inflation risks, the central bank said in a statement posted on its website around 1:00 am local time (2200 GMT Monday).The ruble on Monday suffered a mini-crash, falling by 9.5 percent in a single day despite repeated interventions by the central bank, with the latest apparently taking effect on Monday afternoon.The slide came as the bank warned …read more
Source: Dunya TV
