Russia's central bank raised a key interest to an eye-popping 17% in an effort to halt a steep slide in the ruble and avert a perilous bout of inflation.
The Bank of Russia increased its benchmark rate to 17% from 10.5% Monday after the ruble's value fell 10%. That followed the U.S. Congress authorizing tougher sanctions against Russia and further drops in oil prices.
Kind of drastic....
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