Russia's central bank raised its key interest rate by 100 basis points to 13 percent on September 15, jacking up the cost of borrowing for the third meeting in succession in response to a weak ruble and other persistent inflationary pressures. A month ago, responding to the ruble tumbling past 100 to the dollar and a public call from the Kremlin for tighter monetary policy, the bank hiked rates to 12 percent at an emergency meeting. On September 15, it gave hawkish guidance that it would consider further rate increases at upcoming meetings and said inflationary risks remained significant. To read the original story by Reuters, click here.
Russian Central Bank Hikes Rates To 13 Percent, Issues Hawkish Guidance
The bank warned that it would consider further rate increases at upcoming meetings and that inflationary risks remained significant.