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
Kremlin

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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

Most read articles loading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.