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Russia’s Central Bank Raises Interest Rate From 9.5% to 20% to Counter Higher Inflation
Russian rouble strengthened to 99 per US Dollar, as central bank doubled interest rate to 20%, but currency is still down 18% so far today.
The central bank of Russia on Monday raised its interest rate to 20% from the earlier rate of 9.5% to counter risks of higher inflation and rouble depreciation. Russia has also ordered companies to sell 80% of their foreign currency revenues, the central bank and the finance ministry said.
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BREAKING: Russia's Central Bank doubles interest rate to 20%
— The Spectator Index (@spectatorindex) February 28, 2022
(The above story first appeared on LatestLY on Feb 28, 2022 12:36 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
