Russian central bank raises interest rate to battle inflation

Russian central bank raises interest rate to battle inflation

On Friday, Russia's central bank raised its key interest rate from 5.5 to 6.5 percent in the face of stubbornly high inflation - the most drastic rate hike since 2014. "We must not resign ourselves to increased inflation expectations, or they become anchored at this high level," central bank chief Elvira Nabiullina said in explaining the move. Monetary watchdogs expect the official inflation to range between 5.7 and 6.2 percent this year, but ordinary people feel inflation in shops being more like 15 percent.

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