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Russia's central bank has raised interest rates by 3.5 percentage points in an emergency move aimed at halting the ruble's latest slide, after it fell to its weakest point in almost 17 months.
The decision to increase the base rate from 8.5% to 12% was announced after an extraordinary meeting of the bank's board of directors, writes The Guardian .
The central bank said it had taken the decision to "limit risks to price stability" after some inflation indicators rose to above 7% in the past three months, a significant deviation from its 4% target.
Russian officials also discussed reinstating capital controls to support the local currency.
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