Russia’s central bank has put up its key interest rate to 15% to try to curb inflation and bolster a weak rouble.
The higher-than-expected rate hike of two percentage points raises borrowing costs for the fourth time in a row.
Globally the pace of price rises has been high, in part due to Russia’s invasion of Ukraine. Inflation in Russia hit 6% in September.
Globally the pace of price rises has been high, in part due to Russia’s invasion of Ukraine. Inflation in Russia hit 6% in September.
The Bank of Russia, the country’s central bank, has now raised rates by 7.5 percentage points since July as it seeks to get inflation back down to its 4% target.
This includes an unscheduled emergency hike in August as the rouble tumbled past 100 to the dollar and the Kremlin called for tighter monetary policy.
“Current inflationary pressures have significantly increased to a level above the Bank of Russia’s expectations,” it said on Friday.
Demand for goods and services was outpacing supply, and it said there was high lending growth.
Supply chain disruption during the coronavirus pandemic helped push up prices, then Russia’s invasion of Ukraine in February 2022 disrupted global food supplies and drove up energy costs.
Russia’s central bank has put up its key interest rate to 15% to try to curb inflation and bolster a weak rouble.
Globally the pace of price rises has been high, in part due to Russia’s invasion of Ukraine. Inflation in Russia hit 6% in September.
The higher-than-expected rate hike of two percentage points raises borrowing costs for the fourth time in a row.
The Bank of Russia, the country’s central bank, has now raised rates by 7.5 percentage points since July as it seeks to get inflation back down to its 4% target.
Globally the pace of price rises has been high, in part due to Russia’s invasion of Ukraine. Inflation in Russia hit 6% in September.
Globally the pace of price rises has been high, in part due to Russia’s invasion of Ukraine. Inflation in Russia hit 6% in September.
The Bank of Russia, the country’s central bank, has now raised rates by 7.5 percentage points since July as it seeks to get inflation back down to its 4% target.
This includes an unscheduled emergency hike in August as the rouble tumbled past 100 to the dollar and the Kremlin called for tighter monetary policy.
“Current inflationary pressures have significantly increased to a level above the Bank of Russia’s expectations,” it said on Friday.
Demand for goods and services was outpacing supply, and it said there was high lending growth.
Supply chain disruption during the coronavirus pandemic helped push up prices, then Russia’s invasion of Ukraine in February 2022 disrupted global food supplies and drove up energy costs.
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