Russia Raises Key Interest Rate To 17 Percent Overnight In Bid To Halt Ruble Collapse

Russia Raises Key Interest Rate to 17 Percent Overnight

(Reuters) – Russia’s central bank raised its key interest rate to 17 percent in the early hours of Tuesday morning in an emergency move to halt a collapse in the ruble as oil prices decline and the country’s sanctions-hit economy slides towards recession. The ruble RUB= RUB=EBS strengthened sharply after the decision, recouping some of its…