Tag: New York Times

The Russian central bank on Tuesday raised interest rates by the most it had since the early weeks of the war in Ukraine, a dramatic move that underlines the scale of concern about Russia's economic stability. By announcing an emergency meeting with one day's notice, the central bank had signalled that it is prepared to act aggressively to stem rising prices and a weakening currency. Tuesday's move, a 3.5-percentage-point increase in the benchmark rate, to 12%, was the bank's second attempt to cool down the economy in less...