Bank of Russia hikes interest rates by 200bp
Labour shortage continues to grow under war economy
After four consecutive rate holds, the Bank of Russia today (July 26) increased its policy rate by 200 basis points to 18%.
The central bank said domestic demand was consistently exceeding efforts to expand the supply of goods and services. It said households had seen a “significant increase” in incomes, which, coupled with positive consumer sentiment, was keeping consumer activity high.
The bank reported price growth had averaged 8.6% during the second quarter, a 0.8 percentage point increase on
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