"Russia's Bold Move: Raising Rates to Tackle Inflation and Strengthen the Ruble"

Russia's central bank has raised interest rates to 13% in an effort to combat inflation and support the weakening ruble. This marks the third consecutive interest rate hike and comes after an emergency rate hike in August. The ruble is trading close to a 16-month low against the dollar, and the central bank has raised its inflation forecast for 2023 to 7.5%, well above the target of 4%. Economists warn that Russia's economy could stagnate and become more dependent on China due to western sanctions and the invasion of Ukraine.