The key rate has been hiked by 1 percentage point to 8.5% due to “inflationary pressure”
© Sputnik/Alexey Kudenko
The Bank of Russia has raised its benchmark interest rate to 8.5% amid rising inflation, the central bank announced on Friday.
The key rate has been hiked by 100 basis points from 7.5%.
The regulator cited rising inflation and a weakening ruble as the reasons for the move.
It’s the first change in the interest rate since last September, when it was lowered as inflation was slowing down. The regulator had left the rate unchanged for several consecutive meetings since October.
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