The Russian Central Bank announced that it has raised its key interest rate to 20% (from 9.5%) to offset the risks to the economy posed by the fall in the currency's exchange rate and rising inflation.
The Ministry of Finance and the Bank of Russia will simultaneously instruct Russian export companies to sell 80% of foreign currency from their revenues, as announced.
The central bank announced a series of measures yesterday Sunday to support the domestic market as it struggles to limit the impact of Western sanctions over Russia's invasion of Ukraine.
(CNA)
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