Instant view: Russia's central bank hikes rates to 12% at extraordinary meeting

Contributing sentiments towards policy:

47% :"It's very basic, understandable monetary policy management, you want to avoid the currency sliding too much, because it will create imported inflation, so the central bank is taking a very orthodox move."SUSANNAH STREETER, HEAD OF MONEY AND MARKETS, HARGREAVES LANSDOWN, LONDON:"Faced with the highly volatile rouble following the plunge in exports and surge in military spending, policymakers at the Central Bank of Russia have stepped in with this move in an attempt to shore up the currency and stem further capital flight."
46% : The extraordinary rate meeting came after the rouble plummeted past the 100 threshold against the dollar on Monday, dragged down by the impact of Western sanctions on Russia's balance of trade and as military spending soars.

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