By Paul Hannon

Russia's central bank raised its key interest rate Friday, a move that was partly intended to support the country's currency amid continuing tensions with the West.

The central bank raised its key rate to 5% from 4.5%, having last increased borrowing costs on March 19.

The move also reflects a recovery that the central bank expects will lift the economy to its pre-pandemic level of output by the middle of this year.

Write to Paul Hannon at paul.hannon@wsj.com

(END) Dow Jones Newswires

April 23, 2021 06:59 ET (10:59 GMT)