Rouble hits over 6-week high after sharper-than-expected rate hike
© Reuters. FILE PHOTO: A view shows the newly designed Russian 1000-rouble banknote during a presentation in Moscow, Russia October 16, 2023. REUTERS/Maxim Shemetov/File Photo
The central bank raised its key interest rate by 200 basis points, more than the 100-basis-point raise forecast by analysts in a Reuters poll, hiking borrowing costs for the fourth meeting running in response to the weak rouble, stubborn inflation pressure and increasing budget spending. "We expect that by the end of the year the rouble exchange rate will be trading in the range of 94-98 per dollar, 99-104 per euro and 12.8-13.4 per yuan," Vasilyev said.
"Inflation expectations remain at a historically high level," Suvorov said, and suggested that rates could be raised to 16% at the bank's next meeting on Dec. 15.Month-end tax payments, due on Oct. 30, which usually see exporters convert foreign exchange revenue to pay domestic liabilities, have supported the rouble in recent days.
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