Russia Raises Key Rate to 17%

Russia on Monday announced that it would hike its key interest rate to 17 percent, effective Tuesday, citing rising devaluation and inflation risks.

The bank had raised the rate to 10.5 percent last week in an effort to stem a run on its currency.

“This decision is aimed at limiting substantially increased ruble depreciation risks and inflation risks,” the central bank said in a statement. The decision is effective starting Dec 16.


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