Bank of Russia hikes interest rates by 200bp

Labour shortage continues to grow under war economy

Bank-of-Russia
The Bank of Russia

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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