Bank of Russia raises rates in emergency meeting

Board says domestic demand is boosting depreciation’s effects as Putin adviser criticises governor

Elvira Nabiullina
Bank of Russia governor Elvira Nabiullina

Russia’s central bank sharply raised the policy rate at an emergency policy meeting today (August 15), after the ruble’s exchange rate fell.

The Bank of Russia’s board announced it had raised its key rate by 350 basis points to 12% with immediate effect. It said the decision was “aimed at limiting price stability risks” in the face of growing inflationary pressures.

The ruble has lost over a third of its value against the dollar since the beginning of the year, reaching 96.69 today against 70

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