Russia’s central bank has hiked its key interest rate by 350 basis points to 12 percent, an emergency move to try and halt the rouble’s recent slide after a public call from the Kremlin for tighter monetary policy. On Monday, the rouble plummeted past the 100 threshold against the US dollar, dragged down by the effects of Western sanctions on Russia’s balance of trade and as military spending soars.  

Read more: https://www.aljazeera.com/news/2023/8/15/russias-central-bank-hikes-rates-to-12-percent-to-halt-roubles-slide