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The Central Bank of Russia raises the interest rate again

2023-09-15 15:13:17, Kosova & Bota CNA
The Central Bank of Russia raises the interest rate again
Central Bank of Russia

The Central Bank of Russia has increased the interest rate by one percent, which means that the total figure has reached 13 percent, due to the continuous devaluation of the ruble against the US dollar.

This increase comes after the annual inflation rate increased in September to 5.5 percent.

The Central Bank has said that it expects the inflation figure to reach 6-7 percent by the end of the year.

"Inflationary pressure in the Russian economy is high. The risks of inflation have crystallized, the increase in domestic demand exceeds the capacity for production expansion, and the depreciation of the ruble has occurred in the summer months", said the board of the Central Bank, through a statement.

"Therefore, monetary policies must be tightened."

One US dollar currently trades for 95 rubles, much weaker than a year ago, when the figure reached 60.

By increasing the cost of lending, the Central Bank is trying to combat rising prices, as Russia is importing more and exporting less, especially oil and natural gas.

Moreover, increasing military spending and Western sanctions are playing their part.

The greater amount of import than export means a small trade surplus, a situation which usually weighs on the currency of a country./ REL





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