Ruble Reaches New Record Low vs. Dollar (RSX)

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Russia Raises Key Interest Rate to 17%

December 15, 2014 5:03 PM EST

Russia raises key interest rate to 17% from 10.5%.

Statement (converted from Russian):

The Board of Directors of the Bank of Russia has decided to increase from December 16, 2014 the key rate to 17.00% per annum. This decision was driven by the need to limit significantly increased in recent devaluation and inflation risks.

In order to enhance the effectiveness of interest rate policy loans secured by non-marketable assets or guarantees for a period of 2 to 549 days from 16 December 2014 will be granted at a floating interest rate established at the level of the key rate of the Bank of Russia... More