Russia hikes rate to 20% in emergency move, tells companies to sell FX

Russian Rouble coins are seen in front of displayed descending stock graph in this illustration taken, February 24, 2022. REUTERS/Dado Ruvic/Illustration

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  • Central bank raises key rate to 20% from 9.5%
  • Moved aimed at addressing rouble, inflation
  • Russia tells companies to be ready to sell FX

Feb 28 (Reuters) – The Russian central bank raised its key interest rate to 20% from 9.5% on Monday in an emergency move, and authorities told export-focused companies to be ready to sell foreign currency as the rouble tumbled to record lows.

The rouble hit a