MOSCOW— A massive interest rate hike by Russia’s Central Bank on Tuesday failed to stem the selling pressure on the ruble, which slid another 14 percent Tuesday to new historic lows.
The surprise Central Bank decision to raise the rate to 17 percent from 10.5 percent came in the early hours on Tuesday in a desperate attempt to prop up the troubled currency, which has fallen sharply in recent weeks as a result of sliding oil prices as well as the pressure from Western sanctions over Russia’s involvement in Ukraine.
The move is intended to make it more attractive for currency traders …read more
Source: The Epoch Times
