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Russia Raises Interest Rate as Threat of Sanctions Looms
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Russia’s central bank Friday raised its key interest rate in response to stubbornly high inflation and the threat of Western sanctions targeted at the country’s financial system.
The Bank of Russia was among the first to tighten its monetary policy when global inflation rates began to pick up in early 2021. Having first raised its key rate to 4.5% from 4.25% in March of that year, it said Friday that the cost of borrowing would increase to 9.5% from 8.5%.
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