MOSCOW, Russia — The Russian central bank early Tuesday announced a dramatic hike of its key rate from 10.5 to 17 percent, a drastic move to stop an out-of-control ruble slide.
“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).
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Source: The Philippine Daily Inquirer
