Central Bank of Russian Federation Raises Key Interest Rate to 17%

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Central bank of Russian Federation raises key interest rate to 17% - Sputnik International
Central bank of Russian Federation has decided to raise key interest rate from 10.5% to 17%

MOSCOW, December 16 (Sputnik) — The Board of Directors of the Central bank of Russian Federation has decided to raise key interest rate from 10.5% to 17% per annum from December 16.

"This decision was determined by the need to limit significantly increased in these latter days risks of devaluation and inflation," said the regulator's website Tuesday.

In October 2014 the Central bank of Russian Federation made the decision to raise the key rate in October and December 2014 to 10.50% per annum to limit the exchange rate pass-through.

In recent months, Russia's economy has been showing signs of a minor slowdown due to the current geopolitical tensions over situation in Ukraine and the continuing decline in oil prices.

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