Tuesday, 16 December 2014

Russia Raises Key Interest Rate to 17% amid Rouble Decline

BBC: The Russian central bank has announced it is hiking its key interest rate to 17% from 10.5%.

The bank said the move was to try to ease the rouble's recent descent in value.

The Russian rouble has dropped to a new low against the US dollar, as falling oil prices and Western sanctions continue to weigh on the country's economy.

It snapped back to 60 roubles per dollar from a low of 67 earlier.

The 60 mark is considered a "psychological barrier" for Russia's national currency, says the BBC's Moscow correspondent, Steve Rosenberg. » | Monday, December 15, 2014