The Central Bank of Russia has raised its key policy rate to 17%, effective Tuesday, after the ruble fell to a new record low against the dollar during Monday's session, according to reports from Dow Jones Newswires. The central bank cited inflation risks and the rapid devaluation of its currency as the reason for its second rate hike in less than a week. Last Thursday, the central bank raised its policy rate from to 10.5% from 9.5%. The ruble fell more than 13% against the dollar Monday, surpassing the Ukrainian hryvnia as the worst-performing currency of 2014.
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