Russia central bank more than doubles key interest rate to 20% to boost sinking ruble
This discussion thread was locked as off-topic by JudyM (a host of the Latest Breaking News forum).
Source: CNBC
Russias central bank on Monday more than doubled the countrys key interest rate from 9.5% to 20% as its currency, the ruble, hit a record low against the dollar on the back of a slew of new sanctions and penalties imposed on Russia by Europe and the U.S. for its invasion of Ukraine
The rate hike, the central bank said, is designed to offset increased risk of ruble depreciation and inflation.
This follows the central banks order to halt foreigners bids to sell Russian securities in an effort to contain the market fallout. The ruble fell as far as 119.50 per dollar, down a whopping 30% from Fridays close.
The bank also said it would be freeing 733 billion rubles ($8.78 billion) in local bank reserves to boost liquidity. Russian Central Bank Governor Elvira Nabiullina will hold a briefing at 1 p.m. London time Monday.
Read more: https://www.cnbc.com/2022/02/28/russia-central-bank-hikes-interest-rates-to-20percent-from-9point5percent-to-bolster-ruble.html
Bernardo de La Paz
(49,036 posts)(sorry, mixed metaphor, couldn't find a fix)
IronLionZion
(45,523 posts)maybe less Russian money for Trump Towers and NRA
Obvious85
(259 posts)How genius is Joe Biden? Taking out two pieces of trash at once
JudyM
(29,271 posts)Please check for earlier posts before posting in LBN because of the no dupes rule.
Discussion continues in this earlier thread: https://www.democraticunderground.com/10142879135