Russian central bank makes dramatic rate hike ...News

The key rate has been hiked by 1 percentage point to 8.5% due to “inflationary pressure” The Bank of Russia has raised its benchmark interest rate to 8.5% amid rising inflation, the central bank announced on Friday. The key rate has been hiked by 100 basis points from 7.5%. The regulator cited rising inflation and a weakening ruble as the reasons for the move. It’s the first change in the interest rate since last September, when it was lowered as inflation was slowing down. The regulator had left the rate unchanged for several consecutive meetings since October. DETAILS TO FOLLOW

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Last updated : 21 July 2023 clock 02:09 PM

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Russian central bank makes dramatic rate hike ...News

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