Russia’s Central Bank Makes Huge Interest Rate Hike

TALLINN, Estonia (AP) — Russia’s central bank has made a large interest rate hike of 3.5 percentage points. The move Tuesday is designed to fight inflation and strengthen the ruble after the country’s currency reached its lowest value since early in the war with Ukraine. The decision to bring the key rate to 12% came after an emergency meeting of the bank’s board of directors was called a day earlier as the ruble declined. The fall comes as Moscow increases military spending and Western sanctions weigh on its energy exports. The Russian currency passed 101 rubles to the dollar Monday and has lingered there Tuesday, losing more than a third of its value since the beginning of the year.