Bank of Russia becomes latest EM central bank to hike
Central bank cites effects of ruble depreciation as it raises policy rate
The Bank of Russia has become the latest emerging market central bank to hike its policy rate, albeit by a much smaller margin than some others.
The central bank raised the policy rate by 25 basis points to 7.5%. Governor Elvira Nabiullina cited exchange rate volatility and the deteriorating external environment as key reasons for the hike, speaking at a press conference after the decision today (September 14).
The ruble has suffered pressure this year as part of broader investor nervousness
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