Russia's Central Bank Raises Key Rate to 16% Amid Growing Inflation

Russia's Central Bank on Friday raised its key interest rate to 16%, the fifth hike since summer as it fights to keep accelerating inflation down and a move widely anticipated by analysts. 

"Current inflationary pressures remain high," the Central Bank said in a statement explaining the rate hike, adding that "annual inflation for 2023 is expected to be close to the upper bound of the 7.0–7.5 percent forecast range."

This is a developing story.