Russia keeps interest rate on hold ...News

Russia Today - Economy
Russia keeps interest rate on hold
source : Russia Today ( News ) () 53
The central bank had previously hiked rates at five successive meetings over a six-month period Russia’s central bank left its key interest rate unaltered at 16% at its scheduled meeting on Friday, saying that tight monetary policy will be necessary to return stubborn inflation back to target levels. The no-change decision comes after five consecutive hikes dating back to June that more than doubled borrowing costs in Russia in an effort to tame soaring consumer prices. The tightening cycle delivered a total of 850 basis points of hikes since July, including an unscheduled emergency hike in August after the ruble

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