Russia's central bank on Friday said it would raise its interest rates to 9.5 percent from 8 percent, as Western sanctions and falling oil prices sent the ruble plunging.
"The board of directors of the Bank of Russia on October 31 took a decision to raise the key interest rate to 9.50 percent," the central bank said in a statement. The new rate will take effect on November 5. The last hike at the end of July took the rate to 8.0 percent.