 Just before 1 a.m. local time on 16 December 2014, the Central Bank increased its key interest rate from 10.5% to 17% in an attempt to slow or stop the decline of the ruble.It was the sixth increase in interest rates by the Central Bank during 2014.Despite the Central Bank's intervention, the ruble declined further, to as low as 79 Russian rubles to one U.S. dollar, compared to 33 rubles to the dollar in January 2014.