Russian central bank raises rates as inflation climbs
Nabiullina warns that delay would mean that monetary policy would have to become tighter later
Russia’s central bank raised its policy rate for the second time this year on April 23, as governor Elvira Nabiullina promised a firm monetary response to rising inflation.
The Bank of Russia’s board of directors raised its key rate by 50 basis points from 4.5% to 5%. The hike followed its March 19 decision to raise rates by 25bp, which was its first increase since late 2019.
Nabiullina told a press conference that the policy rate could still remain at 5% by the year’s end. “Such a scenario is
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