Ukraine Raises Key Rate as Tensions Flare in East

Ukraine’s central bank raised its benchmark discount rate to support the currency after clashes between pro-Russian separatists and government forces in the east of the country turned deadly.

The central bank in Kiev raised the rate to 9.5 percent from 6.5 percent tonight, according to a statement on its website, to halt the plunge of the hryvnia, the world’s worst-performing currency this year. Ukraine is facing its third recession since 2008 and dwindling reserves.