Russian central bank raises interest rate after plunge in ruble’s value

The ruble’s value has fallen (Alexander Zemlianichenko/AP)

Russia’s central bank has raised its key interest rate by 3.5% in a move designed to fight inflation and strengthen the ruble after the country’s currency reached its lowest value since early in the war with Ukraine.

The decision to hike the key rate to 12% was announced after an emergency meeting of the bank’s board of directors was called a day earlier as the ruble declined.