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Bank of Russia Keeps Interest Rate at 7.5%

The Bank of Russia held its interest rate at 7.5% at its meeting yesterday, meeting analyst expectations. Despite this, the central bank signaled that it will continue to raise interest rates this year, citing a growing budget deficit, labor shortage, and the depreciation of the ruble as risks to inflation.

The Bank of Russia also expects inflation to fall to 5-7% by the end of the year and return to the central bank’s target of 4% in 2024. The central bank’s focus on controlling inflation and stabilizing the economy highlights the importance of monetary policy in shaping the country’s financial landscape.

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