September 26, 2022

Raven Tribune

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Russia’s central bank doubles interest rate to 20 percent

Central Bank of Russia

EU sanctions against the Russian financial system went into effect on Monday night.

(Photo: Bloomberg)

Moscow, Frankfurt, Dஸsseldorf Russia’s central bank and finance ministry have responded to Western sanctions in the wake of the Ukraine war with drastic measures: among other things, doubling the key interest rate and restricting trade in the Russian currency, the ruble. The Moscow Stock Exchange is also closed.

As announced in Moscow on Monday, monetary authorities have raised the key interest rate from 9.5 to 20 percent. At the same time, they said they were ready to increase further. The Central Bank of Belarus also raised the key interest rate from 9.25 to 12.0 percent.

Higher interest rates are aimed at countering the risk of ruble devaluation and the risk of inflation. “It makes it possible to keep prices and funds stable and to protect citizens’ deposits from devaluation,” the regulator justified the move.

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