"Russian Central Bank Takes Drastic Measures as Ruble Plunges"

The Russian central bank has raised interest rates by 350 basis points to 12% at an emergency meeting in an attempt to stabilize the country's depreciating ruble currency. The decision comes as inflationary pressure builds up, with annual inflation at 4.4% and current price growth averaging 7.6% over the last three months. The central bank aims to shape monetary conditions and domestic demand dynamics to bring inflation back to 4% by 2024. The ruble initially strengthened but later pulled back, trading just above 98 to the dollar.