Donetsk, Aug 15 — DAN. The Central Bank of Russia has hiked the key rate by 3.5 percentage points to 12 percent, the regulator reported on its website.
“The Bank of Russia Board has decided to raise the key rate on August 15, 2023 by 350 basis points to 12 percent per annum, ” the CBR said in a statement on Tuesday.
The decision was made in order to reduce price stability risks, the Bank said.
On Monday, the ruble-to-dollar rate at the Moscow Currency Exchange topped 100 rubles for the first time since March 23, 2022; the euro traded at some 110 rubles. The CBR press service told the Donetsk News Agency that the Bank would adjust the monetary policy to stabilize the inflation rate. It also said that there was no threat to the country’s financial stability.
Head of the parliament committee on financial market Anatoly Aksakov told DAN that the government fully controlled the ruble rate. The factors that contributed to the falling ruble have largely exhausted themselves by now, he said.*jk