Russia raises rates, Ukraine lowers them

High domestic demand pushes up prices in both countries

Russia-Ukraine conflict

The Bank of Russia raised its policy rate by 200 basis points on October 27.

This is the fourth increase since July, with the policy rate doubling from 7.5% to 15%. The central bank warned “tight monetary conditions will be maintained in the economy for a long period”.

The Bank of Russia’s policy statement traced inflation’s upward path. Headline inflation was 6% year on year in September, and 6.6% as of October 23. Core inflation was 9.6% in the third quarter.

Central bank forecasters now

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