Russia's central bank slashes interest rates to 11% as it tries to tame the rampant ruble
Added 05-26-22 04:14:02am EST - “The central bank and government are now worried the rally in the ruble has gone too far, after propping up the currency with capital controls.” - Markets.businessinsider.com
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Posted By TheNewsCommenter: From Markets.businessinsider.com: “Russia's central bank slashes interest rates to 11% as it tries to tame the rampant ruble”. Below is an excerpt from the article.
Russia's central bank slashed interest rates sharply Thursday in an effort to reduce the value of the ruble, which has soared against the dollar in recent weeks.
The Central Bank of Russia cut the benchmark rate to 11%, from 14% previously, in an emergency meeting called two weeks early.
The ruble initially plunged against the dollar when Russia invaded Ukraine in late February as the war shook Moscow's financial markets.
But the government put in place strict capital controls and the central bank hiked interest rates, moves which have sent the currency soaring against the dollar.
The currency traded at around 76 to the dollar in early February, but plunged to a low of 140 shortly after the invasion.
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