(Business Insider) Russia’s central bank slashed interest rates sharply Thursday in an effort to reduce the value of the ruble, which has soared against the dollar in recent weeks.
The Central Bank of Russia (CBR) cut the benchmark rate to 11%, from 14% previously, in an emergency meeting called two weeks early. It was the third rate cut in just over a month.
The ruble was little changed after the central bank’s rate hike, and was last 0.25% lower at 60.37 to the dollar.
Russia’s invasion of Ukraine in late February sparked a plunge in the ruble from around 76 to the dollar to 140 as the war shook Moscow’s financial markets.