Russia considers rate cut after emergency hike to 17%

Russia's central bank is considering cutting interest rates at its next meeting later this month, shortly after raising them to 17% in an emergency move to halt inflation.

The central bank hiked the interest rate by 6.5 percentage points to 17% a month ago, just days after raising it to 10.5% in a bid to curb inflation and prevent a currency crisis. The move has caused a backlash from consumers and businesses, and has done nothing to halt the slide of the rouble against the dollar. Inflation in the country jumped from 8.9% at the end of November to 11.4% in December, and the country's economy minister said this week it could climb as high as 13% by the end of the month. "This [rate cut] decision has helped to stabilise the foreign exchange market, bu...