Russia hikes interest rates to 12% as rouble falls

8,5 to 12%, now that's a big jump

This is the best summary I could come up with:

The currency fell past 100 per dollar on Monday, prompting Russia's central bank to hold an emergency meeting.

The Bank of Russia said it decided to raise interest rates from 8.5% to curb inflation, which hit 4.4% in August.

Pressure has been mounting on the Russian economy due to imports rising faster than exports and military spending growing for the Ukraine war.

But the latest hike will only have a temporary impact, according to Liam Peach, senior emerging markets economist at Capital Economics.

Analysts have said a major factor in the rouble weakening has been Russia's trade, and therefore its economy, being hit by Western sanctions.

EU leaders introduced a price cap plan to limit the amount Russia earns from its oil exports and the country has also been excluded from Swift, an international payment system used by thousands of financial institutions.

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