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Russian central bank raises interest rates

  • 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.

     

     

    Tagged as: central bank, Russia, inflation, forecasts, rouble, food imports ban, business news