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.
Contact the writer or creator of this article or page.
Questions or comments: support(at)swfinstitute(dot)org
Follow on Twitter at @swfinstitute and @sovereignfunds
Learn, Attend and Network: Institutional Investor Events and Summits
Go Back: HOME: Sovereign Wealth Fund Institute