MOSCOW, December 16. /TASS/. Russian Central Bank Chief Elvira Nabiullina urged Russian business on Tuesday to learn to live in new realities with a weak ruble as the regulator’s decision to hike the key rate to stem the ruble’s devaluation will not yield quick results.

“The ruble weakening is a signal for the Russian economy to adapt to new conditions. We really need to learn to live in a ruble zone and increasingly rely on our own sources of financing,” Nabiullina said.

Russia’s Central Bank suddenly raised the key rate early on Tuesday by 6.5 percentage points to 17% in an attempt to halt the ruble’s devaluation.

Many market participants expected a sharp rate increase at the Central Bank’s interest rate policy meeting on December 11 but the regulator increased the main lending rate by just one percentage point to 10.5% The market shrugged off the regulator’s decision and the ruble continued its free fall.

Nabiullina said no immediate effect should be expected from the sharp rate increase this time as well.

“I want to stress that the key rate increase is primarily aimed at curbing inflationary expectations. There will indirect influence on the currency market. Perhaps, it will not be instant,” the Central Bank chief said.