Bank Rossii Raises Key Rate 150 Basis Points on Stability Risks - Bloomberg:
"Russia’s central bank unexpectedly raised its key interest rate to 7 percent to fight inflation risks and boost financial stability.
The one-week auction rate, the benchmark introduced in September, was increased 150 basis points from 5.5 percent, the Bank Rossii said on its website today. It has been left unchanged for the past 17 months.
“The move is clearly an effort to provide more affirmative support to the currency, which is clearly facing strong pressure today on political factors,” Vladimir Osakovskiy, an economist at Bank of America Corp. in Moscow, said in e-mailed comment.
Russian assets fell today after President Vladimir Putin gained approval to send troops into Ukraine, and pro-Russian forces took control of the neighboring country’s Crimea region."
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