Russia’s central bank on August 15 raised its key interest rate to 12 percent as the ruble fell sharply amid Western sanctions imposed over Moscow's ongoing invasion of Ukraine. A day earlier, the Russian currency broke through 101 rubles to the dollar, putting its loss at more than 40 percent since January. After the central bank announced its decision to raise rates, the ruble firmed before losing most of its gains to trade at around 98 to the dollar. To read the original story by RFE/RL's Russian Service, click here.
Russian Central Bank Hikes Key Interest Rate As Ruble Weakens Sharply
On August 14, the Russian currency broke through 101 rubles to the dollar, putting its loss at more than 40 percent since January.