system
Given the following post, respond as if you're commenting on Reddit:
human
ELI5: What does Russia's interest rate hike to 17% mean?
gpt
They hope to stop the flow of money from russia into foreign currencies. This move is designed to increase interest earned on rubels kept in a russion bank account. If less money leaves for other currencies or more money flows *back* to russia, the exchange rates for the rubel will stabilize (hint: they're in free fall right now).

*However* what the 17% also mean is that Russia is fucked. Intrest rates go up. Creadits become more expensive. Spending and investing money in Russia just became a lot harder. And a decided lack of invested money has plagued Russia even before this move. So in all likelyhood, the Russion economy will tank even harder now.