Russia's high-stakes rouble gamble

If Russia's central bank is unable to halt the decline of the rouble, hard-liners will step in and tighten their grip on the country's economic policy.

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Russia’s Central Bank has raised its key interest rate from 10.5 per cent to 17 per cent in an emergency move that is designed to halt the ongoing collapse of the rouble, which has accelerated in recent weeks. The dramatic intervention comes after the rouble suffered its worst one-day fall since the August 1998 financial crisis.

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