Russian Central Bank raised key rate by 100 basis points
At today's meeting of directors of the Bank of Russia, it was decided to raise the key rate to 9.5% per annum, as inflation has developed much higher than the October forecast, the Central Bank said in a release.
"The rapid growth of economic activity with limited available labor resources increases inflationary pressure. The conjuncture of world commodity markets remains pro-inflationary. Inflation expectations are not decreasing yet, remaining at multi-year highs. Under these conditions, the balance of risks for inflation shifted even more towards pro-inflationary ones. The monetary policy pursued by the Bank of Russia is aimed at returning inflation to 4%," the Central Bank said in a statement.
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