Russian central bank jacks up interest rates to 12% at emergency meeting after ruble plunge

Russia's cardinal slope connected Tuesday hiked involvement rates by 350 ground points to 12% astatine an exigency meeting, arsenic Moscow looks to halt a accelerated depreciation of the country's ruble currency.

The ruble slumped adjacent 102 to the dollar connected Monday, arsenic President Vladimir Putin's economical advisor, Maxim Oreshkin, penned an op-ed successful Russian state-owned Tass quality bureau that blamed the plunging currency and the acceleration of ostentation connected "loose monetary policy."

The Bank of Russia subsequently announced an bonzer gathering connected Tuesday to reassess its cardinal involvement rate, which antecedently sat astatine 8.5%.

The ruble strengthened aboriginal connected Tuesday, arsenic investors stake connected a important tightening of monetary argumentation from the cardinal bank, and was trading conscionable beneath 96 to the dollar soon earlier 8 a.m. London time.