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Reuters
Russia hikes rate to 20% in emergency move, tells companies to sell FX
The rouble hit a low of 120 to the dollar on electronic currency trading platform EBS after President Vladimir Putin ordered his military command to put nuclear-armed forces on high alert on Sunday, while the West imposed harsh sanctions against Russia. The central bank, which says it targets inflation at 4% and will do all necessary to ensure financial stability, said the rate increase will bring deposit rates to levels “needed to compensate for the increased depreciation and inflation risks”.
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