Russia’s central bank more than doubled its key policy rate on Monday and introduced some capital controls as it scrambled to shield the economy from unprecedented Western sanctions that sent the rouble tumbling to record lows. The main interest rate will rise to 20%, its highest this century, from 9.5% to counter the risks of the rouble’s rapid depreciation and higher inflation, which threaten Russians’ savings. [nL1N2V30GI ] “External conditions for the Russian economy have drastically changed,” the central bank said, adding that the hike ‘will ensure a rise in deposit rates to levels needed to compensate for the increased depreciation and inflation risk”. The monetary authority also ordered companies to sell 80% of their foreign currency revenues, increased the range of securities that can be used as collateral to get loans and temporarily banned Russian brokers from selling securities held by foreigners. It did […]