Russian central bank hikes rates by 200 bps to 18%, highest in more than two years

Reuters ^ | 7/26/2024 | Gleb Bryanski and Alexander Marrow

[marcusmaximus]

Russia's central bank hiked its key interest rate by 200 basis points to 18% on Friday as it grapples with high inflation and an overheated economy, bringing the cost of borrowing to its highest in more than two years.

-snip-

The key rate is now at its highest since April 2022. The Bank of Russia raised rates to 20% in an emergency move soon after the Kremlin sent Russian troops into Ukraine in February 2022.

"Inflation has accelerated and is developing significantly above the Bank of Russia’s April forecast. Growth in domestic demand is still outstripping the capabilities to expand the supply of goods and services," the bank said in a statement.

"Returning inflation to the target requires considerably tighter monetary conditions than presumed earlier. The Bank of Russia will consider the necessity of further key rate increase at its upcoming meetings," the central bank added.

[Dr. Franklin]

Inflation is another way Putin’s war of aggresion is damaging the Russian economy. On the bright side, it’s a great time to be in the funeral business in Russia.

[hardspunned]

I think they must be scrambling to get that whopping $150billion national debt under control. Let’s see, the U.S. borrows the Russian national debt every ten days or so. I’d swap their economy for ours any day.

[Tell It Right]

IMHO Russia is trying to make its currency not quite as worthless as the U.S. dollar.

[marcusmaximus]

Kenya’s central bank holds main lending rate at 13.0%

https://www.reuters.com/world/africa/kenyas-central-bank-holds-main-lending-rate-130-2024-04-03/

[xoxox]

Might buy a little of that, just cuz.

[Who is John Galt?]

[libertylover]

200 bits per second?

[aMorePerfectUnion]

ZEEPER FOLLIES PINGLIST!

(((PING!)))

[kiryandil]

Let’s see, the U.S. borrows the Russian national debt every ten days or so. I’d swap their economy for ours any day.

Hey - we have IPhones and digital munney, and they have useless stuff like boundless natural resources.

[doorgunner69]

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