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Home Economics Russia Raises Key Interest Rate To 17 Percent Overnight In Bid To Halt Ruble Collapse

Russia Raises Key Interest Rate To 17 Percent Overnight In Bid To Halt Ruble Collapse

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Russia Raises Key Interest Rate to 17 Percent Overnight

(Reuters) – Russia’s central bank raised its key interest rate to 17 percent in the early hours of Tuesday morning in an emergency move to halt a collapse in the ruble as oil prices decline and the country’s sanctions-hit economy slides towards recession. The ruble RUB= RUB=EBS strengthened sharply after the decision, recouping some of its…

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