Russian central bank raises policy rate again amid rising pressures
Nabiullina says recovery is surging past central bank’s projections but that inflation will fall
Russia’s central bank raised its policy rate by 50 basis points, warning that “the balance of risks has significantly shifted towards pro-inflationary ones”.
The Bank of Russia board voted to raise the benchmark rate to 5.5% at its June 11 meeting, in its third hike this year. On April 23, it voted to raise the rate by 50bp from 4.5%, following a 25 point rise on March 19.
Official statistics show inflation reached 6% year-on-year in May, well above the central bank’s target of 4%. Year-on
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