“Russia hikes key rate to 15% in bigger-than-expected rise”
October 27, 2023
“Russia’s central bank raised its key interest rate by a higher than expected 200 basis points to 15% on Friday, hiking borrowing costs for the fourth meeting running in response to a weak rouble and stubborn inflation pressure.
The central bank has now raised rates by 750 basis points since July, including 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,” the bank said in a statement, pointing to domestic demand outpacing the provision of goods and services, and high lending growth…”
https://www.cnbc.com/2023/10/27/russia-hikes-key-rate-to-15percent-in-bigger-than-expected-rise.html