An attempt by Russia’s central bank to put a floor under the slumping rouble has failed. <br /><br />The bank raised its main interest rate much more than expected, but the Russian currency got only a slight bump for a few minutes and then continued to head south. <br /><br />The 1.5 percent interest rate hike – from 8.0 to 9.5 percent – comes as the rouble has shed more than 20 percent against a basket of currencies this year. It is down eight percent against the dollar just this month. <br /><br />The rate hike was also intended to keep rampant inflation – now at 8.4 percent – in check as the central bank struggles with an economy weakened by plunging global oil prices and Western sanctions.<br /><br />The bank also said it expected Russia’s economic growth to be close to zero in the final three months of this year and in the first quarter of 2015.
