Business & Finance
28 February 2022, 4:45 pm. 1 minute
Reuters was first to report that Russia’s central bank more than doubled its key policy rate on Monday and introduced some capital controls, as it scrambled to shield the economy from unprecedented Western sanctions that had sent the rouble tumbling to record lows. The main interest rate will rise to 20%, its highest this century, from 9.5% to counter the risks of the rouble’s rapid depreciation and higher inflation, which threaten Russians’ savings.
The rouble, which had been hammered lower since the invasion started, staged a brief recovery or around 5% against the dollar before resuming its steady downward slide.
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: FX & Fixed Income
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story