The Central Bank raised its key interest rate by a percentage point to 10.5 percent, citing an increasing rise in consumer prices and “significant inflation risk.”
The ruble has lost more than 40 percent of its value since January, battered by Western sanctions imposed over the conflict in eastern Ukraine and the drop in the price of oil.
According to Russia’s Central Bank, the Russian economy is unlikely to see any growth in 2015 or 2016. …read more
Source: San Francisco Chronicle
