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Russia's Central Bank Sharply Raises Key Interest Rate To 20%

After an emergency meeting yesterday, the Central Bank of Russia announced a sharp increase in the key interest rate, from the original 9.5% to 20%, in order to defend the ruble exchange rate. After the United States and NATO agreed to delete major Russian banks from the SWIFT interbank information system and freeze the assets of the Russian Central Bank, etc., worried that the relevant actions will limit Russia's ability to obtain foreign exchange reserves, drag the Russian currency ruble down sharply, and quickly fall below 100 against the United States At the $1 level, it once fell as much as 40%.
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