Reuters first to report Russia hikes rates; market reacts


Business & Finance

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.

Market Impact

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.

Article Tags

Topics of Interest: Business & Finance

Type: Reuters Best

Sectors: FX & Fixed Income

Regions: Europe

Countries: Russia

Win Types: Exclusivity

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Important Regional Story

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