The Central Bank of Russia on Monday hiked interest rates to 20%, as the country faces increased global sanctions over the invasion of Ukraine.
The Russian central bank more than doubled interest rates to 20% on Monday, as the ruble plunged following further moves by Western powers to the country over the invasion of Ukraine.
“External... The Russian central bank more than doubled interest rates to 20% on Monday, as the ruble plunged following further moves by Western powers to the country over the invasion of Ukraine. “External conditions for the Russian economy have changed dramatically. An increase in the key rate will make it possible to ensure an increase in deposit rates to the levels necessary to compensate for the increased devaluation and inflation risks. This will help maintain financial and price stability and protect citizens’ savings from depreciation,” said the central bank in a statement.
The central bank also reportedly banned traders from accepting foreign orders to sell the ruble or securities in the country, according to a document seen by Reuters. That comes after Western allies vowed to bar some Russian banks from using the SWIFT global payments system.
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