Russia’s central bank on Monday more than doubled the country’s key interest rate from 9.5% to 20% as its currency, the ruble, hit a record low against the dollar.
In a statement Monday, the Russian finance ministry and the central bank announced plans to order domestic exporters to sell their foreign exchange revenues starting on Feb. 28. The move will order exporters to sell 80% of all their forex revenues received under export contracts.
The volatility in Russian markets "does show that the freezing of the Russian central banks assets, which was decided over the weekend by the EU as well as the other western countries led by the U.S. — it shows what a significant move that is," David Marsh, chairman of economic policy think tank OMFIF, told CNBC's "Squawk Box Europe" on Monday.
"It does mean that there is going to be this enormous scramble for dollars in Russia — we've seen the queues outside the banks and so on." "We will paralyze the assets of Russia's central bank," EU Commission President Ursula von der Leyen said in a statement Sunday. "This will freeze its transactions. And it will make it impossible for the Central Bank to liquidate its assets.
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