Russia hikes interest rates to 15% as inflation soars

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1970-01-01 08:00

The Bank of Russia raises rates more than expected to try to lower inflation and boost the rouble.

Russia's central bank has put up its key interest rate to 15% to try to curb inflation and bolster a weak rouble.

The higher-than-expected rate hike of two percentage points raises borrowing costs for the fourth time in a row.

Globally the pace of price rises has been high, in part due to...