Russian central bank surprises with sharp rate hike

Released on 22.10. 2021

  • The Russian ruble benefited from the decision. It gained significantly against the euro and the US dollar. Photo: Jens Büttner

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Even the analysts did not expect such a step. Even the experts did not expect that. The key interest rate will be increased to 7, 50 percent ..

Moscow (dpa) – The Russian central bank reacted to the high inflation in the country with an unexpectedly strong rate hike. The key interest rate will be increased to 7, 75 percent from previously 6, 75 percent, as announced by the central bank in Moscow.

Analysts had expected an interest rate hike, but were on average only from a small rate hike to 7 .0 percent assumed.

In addition, the central bank has prepared the markets for further measures. Accordingly, another rate hike is possible at the upcoming interest rate meeting, it was said.

The central bank has already carried out the sixth interest rate hike in a row. A year ago the key interest rate in Russia was 4, 22 percent.

In Russia, as in many other countries, there has recently been a sharp rise in inflation. Among other things, global material bottlenecks caused price pressure. In September, the Russian inflation rate jumped significantly, from 6.7 percent in the previous month to 7.4 percent.

The Russian ruble benefited from the decision. It rose significantly against the euro and the US dollar.

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