Reuters first to report Russia hikes rates; market reacts | Reuters News Agency
Business & Finance

Reuters first to report Russia hikes rates; market reacts

Reuters was first to report that Russia’s central bank more than doubled its key policy rate on Monday and introduced some capital controls, as it scrambled to shield the economy from unprecedented Western sanctions that had sent the rouble tumbling to record lows. The main interest rate will rise to 20%, its highest this century, from 9.5% to counter the risks of the rouble’s rapid depreciation and higher inflation, which threaten Russians’ savings.

Market Impact

The rouble, which had been hammered lower since the invasion started, staged a brief recovery or around 5% against the dollar before resuming its steady downward slide.



Article Tags
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: FX & Fixed Income
Regions: Europe
Countries: Russia
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
FILE PHOTO: A Russian state flag flies over the Central Bank headquarters in Moscow, Russia March 29, 2021. A sign reads:
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