Russia raises rates to help the rouble

Russia's central bank has hiked its key interest rate by 100 basis points to 12% in an attempt to reduce an outflow of money and curb the decline in the value of the rouble.

The move comes after the currency fell, following remarks by Sergei Ignatiev, the governor of the central bank, earlier this week suggesting a further weakening in the rouble may be inevitable despite significant currency intervention by the authorities.

The rouble's fall - the currency has lost more than 17% of its value

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