Russian Central Bank raises key interest rate to 13%‎

The Russian Central Bank announced on Friday that it raised the main interest rate from 12 to 13%, in the third similar step in less than two months, to confront inflation and the decline in the value of the ruble, which despite efforts remains at weak levels against the dollar.

The bank said in a statement, “In view of the inflationary pressures in the Russian economy that remain high” and the decline of the ruble during this summer, it was necessary for additional monetary tightening.