Central Bank of Russia Moves Key Rate to 17%

Russia’s central bank in an unprecedented move boosted its benchmark interest rate – the most since the country’s default in 1998. The announcement was made in the middle of the night. The Central Bank of Russia increased the key rate to 17% from 10.5% effective today. The repo rate was increased to 18% from 11.5%. The central bank is trying to limit the rapid devaluation of the ruble and prevent inflation risk. On December 15th, the ruble dropped the farthest in a single day since 1999.

“This decision is aimed at limiting substantially increased ruble depreciation risks and inflation risks,” the central bank said in the statement.

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