Russia Raises Interest Rate to 17%

The Russian Ruble has been crumbling in value due to the price of oil and sanctions over Ukraine. The drop in value has been 50% over the past several months. In an effort to stop the plummet, the central bank raised interest rates from 10.5% to 17%; however, the value continued to slide.

Bloomburg News reported, “The ruble plummeted into a freefall, losing as much as 19 percent as panic swept across Russian financial markets after a surprise interest-rate increase failed to stem the run on the currency. “

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