Russian central bank hikes rates as rouble faltersRussia's central bank warned inflationary pressure was still rising. (Photo: AFP)MOSCOW: Russia's central bank on Tuesday hiked its key interest rate from 8.5 to 12 percent, after the rouble crashed to a more than 16-month low against the dollar. "This decision was taken in order to limit the risks to price stability," the central bank announced after an emergency meeting earlier in the day. "In the case of a strengthening of pro-inflation risks, an additional increase of the key rate is possible," it later said, in comments published by Russian news agencies. The bank is next scheduled to consider its key rate on September 15.
