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Feb 28, 2022

Russia’s central bank hikes key interest rate as the ruble tumbles

From the BBC World Service: The Russian currency has plunged as Western sanctions take hold and fighting continues in Ukraine. The stock market in Moscow will remain closed Monday. Plus, long lines have formed at ATMs in the Russian capital as people worry about being able to access their cash.

Russia has more than doubled its key interest rate to 20% in a bid to halt a slump in the value of the rouble.
Russia has more than doubled its key interest rate to 20% in a bid to halt a slump in the value of the rouble.
NATALIA KOLESNIKOVA/AFP via Getty Images

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Russia’s central bank hikes key interest rate as the ruble tumbles