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
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com