Russia hikes interest rates after rouble slides

2023-08-15 16:48

The Bank of Russia raises rates to 12% from 8.5% in a bid to boost the currency and lower inflation.

Russia has hiked interest rates to 12% after the rouble fell to its lowest value in 16 months.

The rouble fell past 100 per US dollar on Monday, prompting Russia's central bank to hold an emergency meeting.

The Bank of Russia said it decided to raise interest rates from 8.5% to curb inflation...