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Russian Banks Raise Key Rates to 20% in Desperate Measure to Save Ruble
The country faces sanctions from the West as the war against Ukraine continues.
Updated May 11, 2023, 4:42 p.m. Published Feb 28, 2022, 8:01 a.m.
Russian banks have raised key rates to 20% in a bid to save the ruble as major countries cut off support to Moscow amid its invasion of Ukraine.
- The Russian central bank raised its key interest rate to 20% from 9.5% on Monday in an emergency move. Authorities told export-focused companies to sell foreign currency as the ruble tumbled to record lows.
- The ruble opened 40% lower against U.S. dollars on Monday. Russia's state-owned Sberbank is "failing or likely to fail," the European Central Bank said in a prepared statement.
- Russia has also ordered companies to sell 80% of their foreign currencies, the central bank and the finance ministry said.
- The key rate is the interest rate at which banks can borrow when they fall short of their required reserves.
- Russia’s invasion of Ukraine has resulted in tensions in Eastern Europe. Global markets slipped last week, and bitcoin plunged as much as 10% in a single day before a slight recovery over the week as the U.S. announced sanctions.
- Meanwhile, Ukraine has raised over $10 million in cryptocurrency donations on an official address to help citizens caught in the crossfire.
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UPDATE (Feb. 28, 12:27 UTC): Corrects headline to say "Russian Banks fixes key rates to 20%."
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