Citing Accelerating Inflation, Russian Central Bank Raises Key Interest Rate

Russia's central bank raised its key interest rate to 19 percent from 18 percent, citing a recent acceleration of inflation. The last time the bank raised rates was in July, when it hiked the rate by 2 percentage points. Days after Moscow launched its full-scale invasion of Ukraine in February 2022, the central bank hiked its key rate to 20 percent to prop up the ruble amid Western sanctions that restrict dealings with Russian banks, individuals, and companies. The bank managed to stabilize the ruble and financial system, allowing for an easing of policy, with the rate dropping to as low as 7.5 percent. But with the inflation rate back on the rise, the key interest rate has been gradually increased as well. To read the original story by RFE/RL's Russian Service, click here.