Official announcements from the Central Bank of Russia

Russia's Central Bank Raises Key Interest Rate to Actual 19.00% Amid Inflation Concerns

Sep 13, 2024, 11:01 AM

Russia's central bank raised its key interest rate from 18% to 19% on Friday. This decision comes as the country struggles to combat high inflation, driven by soaring military spending and increasing government expenditure. The move was widely anticipated as the central bank aims to cool down the overheating economy and balance the growth in domestic demand, which is significantly outstripping the supply of goods and services. The central bank had considered a rate hike to 19-20% but ultimately decided on 19%. The actual rate was 19.00%, with a forecast of 18%.