By Sandeep Bishnoi, September 15, 2023, 08:18 PM
On September 15, Russia’s central bank implemented its third consecutive interest rate hike, raising the key rate by 100 basis points to reach 13 percent. This move comes as a response to the persistent inflationary pressures and the weakening ruble.
Just a month ago, the central bank had convened an emergency meeting in light of the ruble’s rapid depreciation beyond 100 to the dollar. At that meeting, they increased interest rates to 12 percent, aligning with the Kremlin’s public call for a more stringent monetary policy.
During the most recent announcement on September 15, the central bank adopted a hawkish stance by indicating its willingness to consider further rate hikes in upcoming meetings. They also emphasized the ongoing significance of inflationary risks in the economy.
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