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 second half of this year.

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

Corrections & Amplifications

This article was corrected at 1116 GMT because the original misstated that the central bank expects the economy will reach its pre-pandemic level of output midyear. Russia's central bank expects the economy will reach its pre-pandemic level of output in the second half of this year.

(END) Dow Jones Newswires

04-23-21 0659ET