Russia hikes interest rates to 20-year high

The head of the Russian Central bank admitted for the first time that the 4 percent inflation target for 2025 won't be reached, during a press conference after the Central Bank hiked interest rates to 21 percent.

The Central Bank Governor added that the pace of price rises that running at an annual rate of 8.6 percent in September was not slowing and that further rate rises may be necessary. The bank also said it would not be able to bring inflation back to its 4.0-percent target until at least 2026.