Russia’s central bank hikes interest rates, ruble hits record low

• The ruble plunged as much as 119.50 per dollar, a 30% fall from Friday’s close

• Domestic exporters are ordered to sell their foreign exchange revenues starting on February 28

The central bank of Russia on Monday hiked the country’s key interest rate to 20% from 9.5% after the ruble, Russia's currency, hit a record low.

The bank said that the rate hike “is designed to offset the increased risk of ruble depreciation and inflation.”