Bank of Russia raises rates again

Nabiullina warns of “pro-inflationary risks” from increased government spending on war

Elvira Nabiullina
Bank of Russia governor Elvira Nabiullina

Russia’s central bank raised its policy rate by 100 basis points to 16% today (December 15), in its fifth hike since July.  

Using guarded language, the central bank’s statement said increased government spending was the main driver of inflation. But its statement continued its trend of not mentioning Russia’s invasion of Ukraine, which has driven a massive increase in military expenditures. 

Governor Elvira Nabiullina again warned of the possible effects of president Vladimir Putin’s decision to

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