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Russia hikes key rate to 20%, tells companies to sell FX -Breaking

by Mike Robinson

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© Reuters. In this illustration, taken February 24, 2022, Russian Rouble Coins are shown in front of the displayed descending stock chart. REUTERS/Dado Ruvic/Illustration

(Reuters) – The Russian central banking raised Monday its key interest rates to 20% from 9.5% in order to combat rising inflation risks and rouble depreciation.

Russia ordered foreign currency companies to dispose of 80%, said the central bank in Moscow and the finance ministry.

As it tried to control the growing fallout from harsh Western sanctions this weekend, the central bank announced that it would take a number of measures to help domestic markets.

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