The Russian central bank on Monday more than doubled interest rates to 20% as the ruble, the country’s currency, sank to an all time low of nearly 118 against the U.S. dollar in offshore trading following a flurry of stringent western sanctions
Bloomberg, the ruble sank to an all time low of 117.93 against the dollar after markets opened on Monday, before eventually steadying at around 102.
This represented a massive drop for the Russian currency, whose value stood at 83.75 against the dollar when markets closed on Friday. While raising key interest rates from 9.5% to 20% on Monday, the central bank said that “external conditions” for the Russian economy have changed “drastically.” that it has blocked foreign entities and individuals from selling Russian securities in an effort to deal with the “crisis in the financial market.”
The central bank also announced that it will free 744 billion rubles in local bank reserves to help improve liquidity in the market. CNBC, several people across Russian cities are already lining up to withdraw cash, leading to long lines at ATMs.The slump in the ruble’s value follows a series of stringent economic sanctions imposed against Russia by the West following its invasion of Ukraine. During the weekend, the U.S. and its European allies targeted Russia’s central bank to block it from using its international reserves.
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