What awaits ruble the next year? Source: RIA Novosti
The Central Bank of Russia has decided to raise its key lending rate 6.5 percentage points to 17 percent per annum against the backdrop of a falling ruble and growing inflation expectations, the Central Bank said in a statement.
"From 16 December 2014 the Bank of Russia Board of Directors decided to raise the Bank of Russia key rate to 17 percent per annum. This decision is aimed at limiting substantially increased ruble depreciation risks and inflation risks," the Centurial Bank's report reads.
Prime Minister Dmitry Medvedev has called on the country to reduce its dependence on oil prices and focus on developing high-tech commodities, amid predictions that the ailing Russian economy will slip into recession in 2015.
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