Central Bank of Russia hiked its benchmark interest rate by 650 basis points to 17 percent, effective December 16th. It was the biggest increase since 1998 default, aimed at limiting ruble depreciation and inflation risks.
It was the sixth rate hike this year after more than $80 billion spent from its reserves failed to stop a selloff of the ruble.
On December 15th, the ruble dropped 9.7 percent to 64.4455 a dollar, the lowest on record. It brings its plunge this year to 49 percent.
12/15/2014 11:52:32 PM