Russia’s central bank doubles interest rates and closes stock market as rouble plunges
by Phillip Inman and Mark Sweney from on (#5WK0A)
With growing queues at cash machines across country, Russian economy faces growing fallout from international sanctions
Russia's central bank has more than doubled interest rates to 20% and refused to open the Moscow stock exchange as it sought to protect its economy from Ukraine-related sanctions that sent the value of the rouble plunging by a fifth.
Amid growing queues at cash machines across Russia, the central bank tried to prevent the currency falling further by increasing the main rate from 9.5% to 20% and preventing trading.
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