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Nairaland Forum / Nairaland / General / Politics / Foreign Affairs / Russia's Central Bank Raises Interest Rate By 7.5 Percentage Points (94 Views)
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Russia's Central Bank Raises Interest Rate By 7.5 Percentage Points by 4Play(m): 9:21am On Oct 28, 2023 |
This is how inflation often has to be tackled. Central bank policy rate has to be close to or above the inflation rate and they would need to be quick about raising rates to stop high inflation expectations from being embedded in the population's psyche. Here, Russia's central bank raised rates from 7.5% in July 2023 to 15% today to address inflation which has risen from 4% to 6%. This is no magic bullet but a sharp rise in the policy rate is usually the bare minimum required to tackle inflation. Russia's central bank has put up its key interest rate to 15% to try to curb inflation and bolster a weak rouble.1 https://www.bbc.com/news/business-67233075.amp 1 Like |
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