Russia raises key interest rate again as inflation and exchange rate worries continue

Russia's central bank has raised its key lending rate by one percentage point to 13%, a month after imposing an even larger hike.

FILE - Cars are parked in front of Russia's Central Bank building in Moscow, Russia, Friday, Jan. 30, 2015. The Central Bank of Russia raised its key lending rate by one percentage point to 13% on Friday, Sept. 15, 2023, a month after imposing an even larger hike, as concerns about inflation persist and the ruble continues to struggle against the dollar.

“Inflationary pressure in the Russian economy remains high. Significant pro-inflationary risks have crystallized, namely the domestic demand growth outpacing the output expansion capacity and the depreciation of the ruble in the summer months," the bank's board said in a statement."Therefore, it is required to additionally tighten monetary conditions.”

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