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In the Russian Federation, the rate was increased for the fifth time in six months

Photo: Global Look Press

The media reported that inflation remained high, prompting tighter policies from Russia’s central bank.

The Board of Directors of the Central Bank of Russia at its meeting on December 15 raised the key rate to 16% – for the fifth time in six months. This is the highest key rate since 2014. It was reported by the Moscow Times.

“Russia ends the year with the highest key rate since 2014. But then, as in the spring of 2022, the Central Bank quickly reduced the rate, and now there is no talk about it. On the contrary, trying of the Central Bank the best to convince the market that at this time high rates will remain for a long time “, said the message.

Inflation remains high, requiring the Central Bank to tighten its policies. In November, inflation was the highest since April 2022, and the slowdown in weekly inflation in early December was just an episode: in the second week of December, price growth accelerated again.

“The Central Bank is clearly not happy about this. This means that the deviation of the Russian economy upwards from the trajectory of balanced growth in the second half of the year has become more significant,” the publication explains.

The Central Bank is also unhappy with the high growth rate of lending, especially in the corporate sector.

“Since forecasts need to be regularly updated, the Central Bank has not signaled its plans again and has promised to make further decisions on the key rate depending on how inflation and the economy as a whole behave,” said of publication.

Let’s remember that the head of the Kremlin, Vladimir Putin, said that Russia can no longer be called a “gas station”, because now most of the structure of its economic growth seems to consist of non-resource sectors.

As you know, the late US Senator John McCain repeatedly called Russia “a gas station masquerading as a country.”

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Source: korrespondent

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