BREAKING: Russia’s Central Bank lifts key interest rate to 9.5% to revive falling ruble

[link to rt.com]
The key lender raised its key rate to 9.5 percent, a 1.5 percent jump from the last increase in July. The bank said the decision greatly weighed on external conditions, such as low oil prices, sanctions, and the weakening ruble, changed “significantly.”

“In September and October, the external conditions have changed significantly: the price of oil sharply dropped amid several individual countries tightening sanctions on a large number of Russian companies. Under these conditions the ruble is weakening, and the introduction of the import ban on certain foodstuffs in August has led to further acceleration in consumer prices,” the Russian Central Bank (CBR) said in a press release Friday.

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