Russia’s central bank hikes key interest rate as the ruble tumbles
![](https://www.marketplace.org/wp-content/uploads/2022/02/GettyImages-1238825290-e1646054382795.jpg?w=900)
Russia has more than doubled its key interest rate to 20% in a bid to halt a slump in the value of the rouble.
NATALIA KOLESNIKOVA/AFP via Getty Images
From the BBC World Service: The Russian currency has plunged as Western sanctions take hold and fighting continues in Ukraine. The stock market in Moscow will remain closed Monday. Plus, long lines have formed at ATMs in the Russian capital as people worry about being able to access their cash.
get the podcast
The team
David Brancaccio
Host
Victoria Craig
Host, BBC
Stephen Ryan
Senior Producer, BBC
Jonathan Frewin
Producer, BBC
Jay Siebold
Technical Director
Meredith Garretson Morbey
Senior Producer
Erika Soderstrom
Producer
Rose Conlon
Producer
Alex Schroeder
Producer
Redmond Carolipio
Digital Producer
Jesson Duller
Media Producer