Russia's central bank more than doubled its key rate to 20% and the ruble fell to a record low on Monday, after a weekend that brought strict new economic sanctions from the U.S. and the European Union.
The key rate has surpassed the heights it hit the last time Russia came under widespread economic pressure, following its illegal annexation of Crimea in 2014. The ruble's sharp loss in value echoes that same period, as well as the financial crisis of the late 1990s."In frantic trading when markets opened on Monday the ruble collapsed by at least 20%, passing the 100-mark against the U.S. dollar,"reports.
The sanctions and instability forced Putin to hold an emergency meeting with his economic advisers on Monday. Afterward, he signed a decree to counter what he called the unfriendly and illegal actions of the U.S. and its allies, according to TASS. Details of those measures weren't immediately disclosed; thecentral bank insists
that its financial infrastructure"will continue to operate smoothly," even as Central Bank of Russia Gov. Elvira Nabiullina says Russia's economy is facing"a totally abnormal situation." Nabiullina said the central bank will make sure currency markets keep moving. She also said Russia has its own financial messaging system that can replace SWIFT in banks' operations.Bill Chappell is a writer and editor on the News Desk in the heart of NPR's newsroom in Washington, D.C.Keep up with all the latest news, arts and culture, and TV highlights from KPBS.
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