Bank of Russia raises rates as Nabiullina warns over currency

Weaker ruble, higher demand and rising expectations are all driving inflation, governor says

Elvira Nabiullina
Bank of Russia governor Elvira Nabiullina
Russian Federation Council

Russia’s central bank raised policy rates today (September 15), amid signs of increasing economic strain caused by the invasion of Ukraine.

The Bank of Russia board raised its key rate by 100 basis points to 13%, its highest level since the summer of 2022. “In July, current price growth significantly sped up,” while in August, “growth rates edged down”, governor Elvira Nabiullina said in a statement.

Nabiullina did not directly mention the war or sanctions imposed by foreign governments, but

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