from The Moscow Times
The Russian Central Bank’s decision to raise interest rates to their highest level in two decades has so far failed to slow rising inflation, the regulator acknowledged in a bulletin published Wednesday.
The Central Bank raised its key rate to a record-high 21% in October 2024 as inflation, sanctions pressure and record defense spending for the war in Ukraine put the economy at risk of overheating.
“There are still no signs of a transition to a sustainable slowdown in price growth,” the Bank wrote in its report, titled “What the Trends Are Saying: Macroeconomics and Markets.”