Russian Central Bank raises interest rates for fifth time in a row

Today, Friday, the Central Bank of Russia raised interest rates for the fifth time in a row, as it seeks…

Policy makers in the country sought to curb inflation, which exceeded the target limit by a large percentage.

According to Bloomberg News Agency, the Russian Central Bank raised the interest rate from 15% to 16% during its last meeting this year, reaching its highest rate since April 2022.

The bank stated that “inflationary pressures are still high,” adding that “returning to the target inflation rate in 2024 and stabilizing it.”

Close to 4% requires continued tightening of monetary policy in the economy for a long period.”

Most economists surveyed by Bloomberg expected an interest rate rise in Russia by 100 basis points, although Goldman Sachs Financial Services experts expected an interest rate rise in Russia to 17%.

‎

Bloomberg quoted Dmitry Polevoy, director of investments at Astra Asset Management Group, as saying that the bank’s decision “does not raise any surprises, but it lacks a map on taking further measures,” adding: “Based on current facts, perhaps 16 percent % is the peak, but what is important is how long this percentage will continue