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Central Bank of Russia Raises Main Interest Rate by 3.5% Amidst Falling Russian Currency

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Main Interest Rate Increased by 3.5% by Central Bank of Russia

At a meeting of the Board of Directors of the Central Bank of Russia held today, it was decided to raise the main interest rate to 12% per annum. This decision comes as a response to the recent decline in the value of the Russian currency, with the dollar reaching its highest level against the ruble since February 2022.

Russian Currency Declines, Dollar Approaches 103 Rubles

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Yesterday, the Russian currency experienced a significant drop in value, causing the dollar to approach 103 rubles. This is the highest level the dollar has reached against the ruble in months. Such fluctuations in currency exchange rates can have various implications for the economy and financial markets.

Emergency Meeting of Central Bank of Russia

In light of the currency decline and the increasing value of the dollar, the Central Bank of Russia announced an emergency meeting of the Board of Directors. The main agenda of this meeting was to discuss monetary policy, specifically the decision to raise the main interest rate. This move aims to address the challenges posed by the current economic situation and stabilize the financial markets.

Stay tuned for further updates on this matter.

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