Following the 30 per cent fall of the ruble amid Western sanctions, the Bank of Russia said, on Monday, that it raised key interest rate to 20 per cent from 9.5 per cent to help cushion the impact of the ruble’s slide. The rate rise by Russia’s central bank was an emergency response aimed at halting the rapid depreciation in the value of the ruble against the dollar, which threatens to wipe out the currency’s buying power as well as destroy the savings of ordinary Russians, the British Broadcasting Corporation reports. This came as the UK, along with the US and EU, cut off Russia’s banks from SWIFT and financial markets in the West, placing restrictions on the central bank, state-owned investment funds and the finance ministry. The UK’s Chancellor of Exchequer, Rishi Sunak, in a tweet, on Monday, said, “In conjunction with our allies, I am taking immediate steps to impose new financial sanctions on the Central Bank of Russia, Russian National Wealth Fund, and the Ministry of Finance. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Source: Punch February 28, 2022 22:26 UTC