Bank of Russia raises interest rates by 100bp
Central bank vows to continue hiking to stem inflation which is expected to surpass 10% next quarter
The Bank of Russia today raised its benchmark interest rate by 100 basis points to 10.5% in an effort to stem the ruble's record decline amid political sanctions and plunging oil prices.
The ruble has lost 40% against the US dollar this year but rebounded slightly following the expected hike.
The central bank, which noted the upward movement of consumer prices "kept on accelerating" over the past six weeks as a result, said it will continue to raise its key repo rate if the trend persists.
Annua
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