Russia's central bank on Friday raised its key interest rate from 13 percent to 15 percent as it warned inflation was rising across the Russian economy, according to Barrons.
"Current inflationary pressures have significantly increased to a level above the Bank of Russia's expectations," the central bank said in a statement announcing the rate rise.
The central bank said annual inflation was running at 6.6 percent -- above its official 4 percent target -- and was continuing to rise.
The bank said it saw a "substantial" risk that prices would continue to rise in the months ahead.
"The central bank has aggressively raised its key rate ... This is a tougher move than the market expected," analysts at Moscow-based Alfa Bank said in a research note.
The Russian ruble strengthened slightly on the decision to around 93 to the US dollar.
