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Huge interest rate hike in Russia as central bank tries to prop up falling ruble

Por: Los Angeles Times Business August 15, 2023

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Russia’s central bank Tuesday made a huge interest rate hike of 3.5 percentage points, an emergency move designed to fight inflation and strengthen the ruble after the country's currency reached its lowest value since early in the war with Ukraine. The ruble has lost more than a third of its value since the beginning of the year as Moscow increases military spending and Western sanctions weigh on its income from energy shipments. The... + full article



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