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International Business Times
International Business Times
World
AFP News

Russian Central Bank Raises Key Interest Rate To 16% To Counter Inflation

Inflation Russia Vladimir Putin
Russia's central bank is grappling with the economic fallout of the offensive in Ukraine, Western sanctions and a surge in military spending (Credit: AFP)

Russia's central bank on Friday raised its key interest rate to 16 percent, announcing a fifth hike since summer in a bid to fight accelerating inflation.

The central bank has been grappling with the economic fallout of the offensive in Ukraine that includes Western sanctions, a surge in government military spending and the call-up of hundreds of thousands of men.

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