Russia hikes to strengthen rouble

The Central Bank of Russia has raised its key rate by a full percentage point to a three-year high in a bid to shore up the battered rouble.

The central bank raised its rate for overnight credit from 12% to 13% on Friday. It is the second percentage-point hike this month and the sixth this year.

Rates are now at their highest since December 2005.

The central bank is thought to be allowing the rouble to depreciate and to have widened its currency band by 30 kopeks (1 cent). But Friday's hike w