Russia Increases their Interest Rate.
Russia’s central bank on 15 August 2023, hiked interest rates by 350 basis points from 8.5% to 12% at an emergency meeting, as Moscow faces a rapid depreciation of the country’s currency.
- In August 2023 the Russian Ruble hit 100 rubles to buy a US dollar.
- It was 75 rubles to buy a US dollar before the 2022 invasion of Ukraine.
- It was around 34 rubles to buy a US dollar before the 2014 invasion of Ukraine.
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