Russian central bank hikes rates as rouble falters

MOSCOW: Russia’s central bank on Tuesday hiked its key interest rate from 8.5 to 12 percent, after the rouble crashed to a more than 16-month low against the dollar.

“This decision was taken in order to limit the risks to price stability,” the central bank announced after an emergency meeting earlier in the day.

It warned that inflationary pressure was still rising, and said the bank…