Russia's central bank on Tuesday hiked interest rates by 350 points to 12% at an emergency meeting, as Moscow looks to halt a rapid depreciation of the ruble currency.

Russia’s central bank on Tuesday hiked interest rates by 350 basis points to 12% at an emergency meeting, as Moscow looks to halt a rapid depreciation of the country’s ruble currency.

The ruble slumped to near 102 to the dollar on Monday, as President Vladimir Putin’s economic advisor, Maxim Oreshkin, penned an op-ed in Russian state-owned Tass news agency that blamed the plunging currency and the acceleration of inflation on the “loose monetary policy” of the central bank.

  • FuglyDuck@lemmy.worldEnglish
    51·
    1 year ago

    And if that doesn’t work, the finance minister.

    Or the poor sod that the finance minister points a finger at.