An employee counts Russian rouble banknotes at a private shop in Krasnoyarsk, Russia December 26, 2014. REUTERS/Ilya Naymushin
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Russia's central bank is setting the stage for an increase in interest rates as a weakening ruble fans inflation. Just five months after it stopped easing monetary policy, the Bank of Russia raised the prospect of its first hike in borrowing costs since 2014 .Annual inflation accelerated to a one-year high of 3.1 percent in August, the Federal Statistics Service said Wednesday.The ruble was among the four worst performers in emerging markets in August with a drop of more than 7 percent against the dollar.
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