Russian central bank announces major interest rate hike ...News

Russia Today - Economy
Russian central bank announces major interest rate hike
source : Russia Today ( News ) () 17
The 3.5% increase comes a day after the ruble tumbled to its weakest level since March 2022 Russia’s central bank raised interest rates by 350 basis points to 12% at an emergency meeting on Tuesday in a bid to halt the rapid depreciation of the ruble against world currencies. “Inflationary pressure is building up… The decision is aimed at limiting price stability risks,” the regulator said in a statement. The central bank added that demand in the economy has exceeded the country's ability to expand output, increasing inflation and affecting “the ruble's exchange rate dynamics through elevated demand for imports.”

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