Connect with us

Hi, what are you looking for?

International

Russia Raises Emergency Key Rate To 20%, Encourages Firms To Sell FX

The hike of the key rate will ensure a rise in deposit rates to levels needed to compensate for the heightened depreciation and inflation risks

The Russian central bank boosted its benchmark interest rate to 20 percent from 9.5 percent on Monday in an emergency action, and officials encouraged export-focused enterprises to sell foreign currency as the rouble plunged to historic lows.

“External circumstances for the Russian economy have substantially changed,” the central bank stated in a statement.

“The hike of the key rate will ensure a rise in deposit rates to levels needed to compensate for the heightened depreciation and inflation risks. This is important to ensure financial and price stability and protect citizens’ investments from devaluation.”

Britain wrongly places Russian central bank’s address on the sanctions list

Central Bank Governor Elvira Nabiullina will deliver a briefing at 1300 GMT, the bank reported.

In another move to boost the rouble, the central bank and the finance ministry have jointly instructed Russian exporting enterprises to sell 80 percent of their foreign currency income on the market.

The current initiatives add to a flurry of measures announced since Thursday to strengthen local markets, as the state scrambles to handle the growing effects of Western sanctions imposed in retribution for Russia’s invasion of Ukraine.

Aimen Bukhari
Written By

Works at The Truth International Magazine. My area of interest includes international relations, peace & conflict studies, qualitative & quantitative research in social sciences, and world politics. Reach@ aimen.bukhari@tti.org.pk

Latest Updates

ISLAMABAD: Prime Minister Shehbaz Sharif today approved the name of Syed Asim Munir as the next army chief of Pakistan. At present, Lt-General Syed...

Latest Updates

ISLAMABAD: Family members of army chief General Qamar Javed Bajwa have become billionaires in the past six years _ during the six-year extended tenure...

Articles

The Foreign Minister also welcomed the launch of joint direct flights by Pakistan Airlines and Ethiopian Airlines between the two countries.

National

ISLAMABAD: Federal Information Minister said the Prime Minister has appointed Syed Asim Munir as the next army chief of Pakistan. Asim Munir is the...