The Bank of Russia today raised its benchmark interest rate by 100 basis points to 10.5% in an effort to stem the ruble's record decline amid political sanctions and plunging oil prices.
The ruble has lost 40% against the US dollar this year but rebounded slightly following the expected hike.
The central bank, which noted the upward movement of consumer prices "kept on accelerating" over the past six weeks as a result, said it will continue to raise its key repo rate if the trend persists.
- Central bank digital currency a ‘terrible idea’, US Congress told
- People: Olli Rehn enters office as Bank of Finland governor
- Trump criticises Fed over rate rises and threatens higher tariffs
- ECB’s easing policies reduced inequality, paper says
- Infrastructure financing not harmed by post-crisis reforms – FSB