Russia’s central bank raises key interest rate to 7.5%


  The central bank decided to raise the key interest rate by three-quarters of a percentage point (Getty)</p><div><p>he decided <a target="_blank" href="" rel="noopener">Russian Central Bank</a>In its board meeting today, Friday, it raised the basic interest rate by 0.75 percentage points in one go, from 6.75 to 7.5%, amid its continued tightening <a target="_blank" href="" rel="noopener">monetary policies</a> - Credit in conditions of accelerating inflation. <br/>وقال <a target="_blank" href="" rel="noopener">Russian Central</a> In a statement published on its official website: "Inflation is rising at a much higher pace than the forecasts of the Bank of Russia, and is expected to reach between 7.4% and 7.9% in 2021."

He added, “The contribution from fixed factors remains important, given the outperformance of demand expansion compared to the potential for increased production.”

The bank did not rule out the possibility of raising the basic interest rate in the upcoming meetings, according to the actual and expected dynamics of inflation, hitting a record at the target level of 4%.

The Russian ruble optimistically received the news of raising the basic interest rate, amid the dollar’s ​​decline in the Moscow Stock Exchange’s trading to below 70 rubles for the first time since June 2020. The euro exchange rate also fell below 82 rubles for the first time in more than general.

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It is noteworthy that the Russian Central Bank began, since last March, to gradually raise the basic interest rate, to reach 6.75% before today’s meeting, compared to 4.25% at the beginning of the year, referring its decisions to the growing risks of inflation after economic activity recovered from the Corona pandemic in particular.


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