The Russian Ruble suffered a steep decline today. This drop comes after the Russian Central Bank cut the country’s interest rate from 17% to 15% in hopes of boosting the nation’s floundering economy. This decision from the Russian Central Bank comes approximately a month after the bank suddenly raised the interest rate to 17%. The bank explained its decision to lower the rate to 15% as a risk-aversion tool to avoid Russia plunging into a recession. The bank further elaborated that the risk of recession outweighed the drastic fall of the Russian Ruble. As of this writing USD/RUB is 70.12, down about 2%.
