Russia's central bank pushes interest rates to 16% to try and cool war-time inflation

• The Bank of Russia hiked interest rates from 15% to 16% on Friday. 
• It marked the fifth consecutive hike from policymakers as they attempt to control war-time inflation.
• The Kremlin is navigating the ongoing war in Ukraine as well as rising cost pressures on Russians.

The Bank of Russia raised interest rates for the fifth consecutive time Friday, lifting them from 15% to 16%.

That's the highest level since April 2022, and the 100-basis-point move signals a continuation of the Kremlin's bid to cool inflation amid its war with Ukraine.

With the latest policy adjustment, the bank forecasts annual inflation will slow to 4%-4.5% in 2024 from the high end of 2023's 7%-7.5% expected range.