Russia’s central bank makes huge interest rate hike to try to prop up falling ruble
Russia’s central bank on Tuesday made a large interest rate hike of 3.5 percentage points, an emergency move designed to fight inflation and strengthen the ruble after the country’s currency reached its lowest value since early in the war with Ukraine. The decision to bring the key rate to 12% was announced after a meeting of the bank’s board of directors was called a day earlier as the ruble declined. The fall comes as Moscow increases military spending and Western sanctions weigh on its energy exports. The Russian currency passed 101 rubles to the dollar on