By Laura Sanchez
Investing.com – The Russian central bank on Monday raised benchmark rates to 20% (from 9.5 previously) to avoid depreciation risks and combat higher inflation.
The body also announced a series of measures on Sunday to support domestic markets as it struggled to manage the mounting fallout from harsh Western sanctions over the weekend in retaliation against Moscow’s invasion of Ukraine.
Russia has also ordered companies to sell 80% of their income in foreign currency, the central bank and finance ministry have said. Reuters.
At the moment, the ruble is down 7% but in the last few hours it has plummeted 29.37% to a record low of 119 per dollar.
See the ruble price: https://es.investing.com/currencies/rub-usd
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