Russia's Rate Hike Fails To Rescue Ruble

Russia’s central bank raised interest rates sharply and said another increase is possible, but fell short of reversing declines in the ruble amid one of the steepest depreciations in emerging markets, Bloomberg News reported.

Photo Insert: Policymakers lifted their benchmark to 12% from 8.5%, the second straight increase and the sharpest since the immediate aftermath of Russia’s invasion of Ukraine.

Policymakers lifted their benchmark to 12% from 8.5%, the second straight increase and the sharpest since the immediate aftermath of Russia’s invasion of Ukraine almost 18 months ago.

The emergency meeting was called after the ruble briefly broke through 100 to the dollar for the first time since March last year. Bank of Russia also suspended purchases of foreign currency.

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