Russia's central bank on Tuesday hiked interest rates by 350 points to 12% at an emergency meeting, as Moscow looks to halt a rapid depreciation of the ruble currency.
, as President Vladimir Putin's economic advisor, Maxim Oreshkin, penned an op-ed in Russian state-owned Tass news agency that blamed the plunging currency and the acceleration of inflation on the "loose monetary policy" of the central bank.subsequently announced an extraordinary meeting on Tuesday to reassess its key interest rate, which previously sat at 8.5%.
Russia's annual inflation rate stood at an annual 4.4% over the first seven days of August, and the Bank of Russia said that upward pressure has continued to mount, with current price growth over the last three months averaging an annualized 7.6% on a seasonally adjusted basis. Core inflation over the same period rose to 7.1%.
"Consequently, the pass-through of the ruble's depreciation to prices is gaining momentum and inflation expectations are on the rise."
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Russian central bank jacks up rates to 12% to support battered roubleRussia's central bank hiked its key interest rate by 350 basis points to 12% on Tuesday, an emergency move to try and halt the rouble's recent slide after a public call from the Kremlin for tighter monetary policy.
Read more »
Fire at Russian gas station kills 12, injures over 60A fire at a gas station in the southern Russian region of Dagestan killed 12 people including two children, Russian officials said early on Tuesday.
Read more »
Russian Central Bank hikes interest rate to 12 percent after ruble’s declineThe bank’s emergency action followed a sharp decline in the value of the national currency and criticism by some in the Kremlin of soft monetary policy.
Read more »
FBI official who worked Trump-Russia probe pleads guilty to conspiring with Russian oligarchAn ex-FBI official who was part of the bureau’s Trump-Russian collusion probe into former President Donald Trump’s 2016 campaign pleaded guilty Tuesday to conspiring with a Russian oligarch, the Justice Department announced.
Read more »
2 people, including 12-year-old shot in drive-by shooting in SE HoustonAn investigation is underway after a 12-year-old and a man were shot at a SE Houston gas station early Monday.
Read more »