According to a statement from Russia's central bank, Russia has taken its key interest rate to 17% from 10.5% in a stunning decision made after the collapse of the ruble on Monday.
The Bank of Russia's statement said the decision was driven by the need to limit significant devaluation in the ruble and inflation risks.
The announcement was made at 1 a.m. local time in Moscow.
There will be plenty of unhappy Russians waking up Tuesday morning.
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