Russia’s central bank raised its policy rate for the sixth time this year, warning it might raise rates again to prevent sustained rise in inflation.
The Bank of Russia’s board of directors raised its key rate by 75 basis points to 7.5% on October 22. This followed rises of 25bp in September and 100bp in July.
“Inflation is developing substantially above the Bank of Russia’s forecast and is expected to be within the range of 7.4–7.9% at the end of 2021,” it said in a statement.
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