Russian Central Bank Considers Interest Rate Increase
Russian Central Bank Considers Interest Rate Increase

Russian Central Bank Considers Interest Rate Increase

News summary

The Russian economy is facing significant challenges due to high inflation, currently at 8.5%, and the recent collapse of the ruble, which has fallen sharply against the dollar following U.S. sanctions on Gazprombank. In response, the Central Bank of Russia is considering another increase in its key interest rate, potentially raising it to 23% at its December 20 meeting, as part of efforts to curb inflationary pressures. However, experts suggest that the effectiveness of such measures is limited due to ongoing high military spending and the impact of Western sanctions. Economists warn that this could lead to stagflation, characterized by high inflation combined with stagnant economic growth. Meanwhile, President Putin emphasizes the need for coordinated economic policies to stabilize the situation, as food prices soar and basic goods become increasingly unaffordable. Analysts predict that the inflation rate could rise further, complicating the central bank's ability to manage the economic crisis effectively.

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