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Russia’s central bank doubles interest rates after rouble plunges

Country’s economy faces fallout from international sanctions prompted by invasion of Ukraine

Russia’s central bank has more than doubled interest rates to 20%, and banned foreigners from selling local securities, in a bid to protect its currency and economy in the face of international sanctions over the invasion of Ukraine.

The rate rise, from 9.5%, is aimed to balance the precipitous fall in value of the rouble and surging inflation as the country braces for its financial markets to take battering this week.

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Country’s economy faces fallout from international sanctions prompted by invasion of Ukraine

Russia’s central bank has more than doubled interest rates to 20%, and banned foreigners from selling local securities, in a bid to protect its currency and economy in the face of international sanctions over the invasion of Ukraine.

The rate rise, from 9.5%, is aimed to balance the precipitous fall in value of the rouble and surging inflation as the country braces for its financial markets to take battering this week.

Continue reading...



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