Russia Shocks With Emergency Rate Hike, Boosts Interest Rate From 10.5% To 17%!

• Russia Shocks With Emergency Rate Hike, Boosts Interest Rate From 10.5% To 17%! 
  by Tyler Durden, www.zerohedge.com
  Following the biggest rout to the Ruble in ages, Russia – unlike Mario Draghi – instead of talking the talk decided to walk the bazooka walk and shocked all those long the USDRUB by unleashing an emergency rate hike (at 1 am in the morning) from the recently raised interest rate of 10.50% to… hold on to your hats… 17.00%, a 650 bps increase!
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  From the press release: 
  The Board of Directors of the Bank of Russia has decided to increase from December 16, 2014 the key rate to 17.00% per annum. This decision was driven by the need to limit significantly increased in recent devaluation and inflation risks.
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  read more!
  

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