Russia's Central Bank Sharply Raises Ruble Refinancing Rate: BBC

The Central Bank of Russia has decided to raise the ruble refinancing rate from 8.5% to 12%. This information comes from BBC.

Emergency measures have become necessary due to the continuous depreciation of the ruble, which reached a historic value of 100 rubles per dollar on Monday. Prior to Monday's decline, which has persisted throughout the summer (BBC has reported on this multiple times), there had been noticeable concern among Russians despite the backdrop of increasing economic sanctions and the prolonged war in Ukraine.

It is noted that just the day before, the regulator stated, “Today, there is no threat to financial stability.”