AKIPRESS.COM - Russia's central bank on Monday sharply raised its key policy rate from 9.5% to 20%. 

The move is designed to offset increased risk of ruble depreciation and inflation, the statement said.

This follows the central bank’s order to halt foreigners’ bids to sell Russian securities in an effort to contain the market fallout. The ruble fell as far as 119.50 per dollar, down a whopping 30% from Friday’s close.

The bank also said it would be freeing 733 billion rubles ($8.78 billion) in local bank reserves to boost liquidity.