Russian Interest Rate up to 12%.

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.