The Bank of Russia raised its benchmark rate sharply by 350 basis points at an emergency meeting on Tuesday to contain the depreciation of the ruble and thereby limit the inflationary pressures.
The Board of Directors of the Bank of Russia lifted the key rate to 12.00 percent from 8.50 percent.
The central bank decided to hold an extraordinary meeting after the ruble breached 100 against the US dollar on Monday.
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by Renju Jaya
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