Russia’s central bank on Tuesday made a large interest rate hike of 3.5%, a move designed to fight inflation and strengthen the ruble after the country's currency reached its lowest value since early in the war with Ukraine.
The decision to bring the key rate to 12% was announced after an emergency meeting of the bank’s board of directors was called a day earlier as the ruble declined. The fall comes as Moscow increases military spending and Western sanctions weigh on its energy exports.
