Moscow Landmarks
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 now takes more than 63 roubles to buy a single dollar.
The 60 mark is considered a “psychological barrier” for Russia’s national currency, says the BBC’s Moscow correspondent, Steve Rosenberg.
Since the start of the year, the rouble has lost more than 45% of its value against the dollar.
Russia’s central bank has tried unsuccessfully to stabilise the currency, buying roubles in the markets.
Categories: Banking, Banks, Economics, Europe and Australia