Russia’s central bank said it had sold 2.39 trillion roubles ($26 billion) at a ‘fine-tuning’ one-day repo auction. The auction was designed to help banks with their liquidity, as sanctions over Russia’s invasion of Ukraine targeted financial institutions and the rouble crashed. The central bank has already hiked interest rates to 20% and has already raised interest rates by 20%. There was no limit at the one day auction, designed for banks to help with liquidity, after sanctions over the Ukraine crisis hit financial institutions, and Russia’s rouble has crashed in recent weeks. The Russian central bank is scrambling to try and maintain some financial stability, having already raised rates to around 20% in recent days. Read more . . .
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