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Russia just raised interest rates to 17% from 10.5% This rate hike comes just 4 days after last Thursday when Russia hiked rates to 10.5% from 8% in an effort to combat inflation, which rose 9.1% year over year in November.
The announcement was made at 1 a.m. local time in Moscow.
One oclock in the morning!
The chart in the link shows how many more rubles it takes to exchange for 1 US dollar.
Russia is starting to resemble Zimbabwe. Pretty soon the Russian people will be using rubles for toilet paper.
Nice going Vladimere!