Russian central bank 'prepares' to recapitalise banks

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Vladimir Putin

Russia's central bank and government are prepared to recapitalise banks squeezed by the country's collapsing currency and sharp increase in interest rates, the Bank of Russia said today.

The measure is one of several announced by the central bank today, as it seeks to grapple with the fallout from the rouble's volatility and a 12% stock market drop on Tuesday, as well as its own 650-basis point interest rate hike to 17% the previous night.

"In order to maintain the stability of the banking

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