Russian central bank raises key rate from 9.5% to 10.5%

Russia's central bank on Thursday raised its key rate by one percentage point to 10.5% in yet another bid to shore up the plunging ruble and stem a sharp rise in prices.

The bank's board "decided to raise the Bank of Russia key rate to 10.5 percent per annum," a decision published on the official website said, adding that it will continue raising the rate "in case of further aggravation of inflation risks."