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Move comes amid investor concerns about emerging-market economies
After the financial crisis, investors sought higher returns in risky emerging markets. Today, the money is flowing back to the U.S. What went wrong for countries such as Argentina and Turkey, and could it get worse? Image: Crystal Tai
MOSCOW—Russia’s central bank raised interest rates Friday, moving to defend the ruble against market volatility and inflation as global investors question the outlook for emerging-market economies and the possibility of fresh U.S. sanctions.
The Bank of Russia raised its key interest rate to 7.5% from 7.25%, ending a series of cuts that brought it down from a peak of 17% at the end of 2014 that was introduced in the wake of earlier sanctions imposed on the country by the U.S. and Europe.