Russian central bank raises rates and warns of more to come
Nabiullina says inflationary pressures are rising and warns of effects of bigger fiscal deficit
The Bank of Russia raised its policy rate on July 21, its first increase since those it carried out immediately after the country invaded Ukraine in February 2022.
The central bank’s board ordered a 100 basis point increase, to 8.5%, citing “inflationary pressure”, and said it might raise rates further. It aims to stabilise inflation at inflation close to 4% by 2024, while its forecast for the policy rate next year is 8.5–9.5%.
The board warned larger fiscal deficits could force a “tighter
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