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Belarus Raises Key Rate to 25% as Russian Rout Fuels Devaluation

The Belarusian central bank increased its benchmark rate for the first time since 2011 and rolled out other emergency measures to stabilize the financial system as the country reels in the aftermath of the crisis in Russia.

The key refinancing rate was increased by 5 percentage points to 25 percent, effective tomorrow, according to a statement published today. The central bank also devalued the national currency, the ruble, by 7 percent against the dollar and scrapped the 10 percent fee imposed on purchases of foreign currency by individuals.