MOSCOW, Nov 11: Russia’s central bank on Tuesday hiked its key refinance rate by one percentage point to 12 per cent in an effort to limit an outflow of capital which has sapped the ruble and stock markets.

The measure is aimed “at reducing the outflow of capital from Russia and to contain inflationary pressures,” the central bank said in a statement.

The head of the central bank said on Monday that capital outflows had hit $50 billion in October.—AFP