Russian central bank raises interest rates
November 1 , 2014
The central bank of Russia raised its key interest rate from 8% to 9.5% in a continued bid to combat inflation.
The increase was higher than forecasts by analysts.
Earlier hikes in interest rates have not helped in tackling inflation, which remains stubbornly high due to a weak rouble and a food imports ban.
The new rate will come into effect on November 5. Inflation would stay above 8% till March-end, the central bank said.