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The Bank of Russia has raised the key interest rate to a record 20%. Russian residents will have to exchange 80% of income received from foreign currencies in rubles.
The move came in response to financial sanctions imposed by the US and its allies over the invasion of Ukraine. Western countries have imposed sanctions on Russia, including restricting its access to foreign markets and its foreign exchange reserves.
Russia’s central bank said the emergency measures are intended to provide additional stability and protect savings from devaluation. Further measures may be taken depending on external and internal conditions and other factors.
Russia’s national currency fell to a record high after the G7, or group of more industrialized countries, imposed harsh financial sanctions on Russia. The ruble fell to 114 against the US dollar on Monday, compared to 83.7 at the end of last week.
The ruble has lost about 40 percent of its value since late October, when Russia began collecting troops on the border with Ukraine.
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