The Bank of Russia unexpectedly raised its key interest rate by 50 basis points and signalled more tightening as rouble volatility contributed to inflation risks. The benchmark rate was raised to 5% on Friday, the Bank of Russia said in a statement. Thirteen economists out of 41 analysts forecast the move, while 28 expected a smaller cut, according to a Bloomberg survey. The rouble climbed more than any other major emerging-market currency. “There’s a real risk of delaying the return to neutral monetary policy,” Bank of Russia Governor Elvira Nabiullina said at a news briefing following the decision. “These risks may make it necessary for a more serious, significant increase in the rate in
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