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Rouble Worthless like Putin and Toilet Paper
time to remove him, before he sends you to UKRAINE to be shot in the Back by RUSSIANS
Graeme WeardenFri 27 Oct 2023 14.35 BST
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Russia hikes interest rates to 15% to battle inflation
Newsflash: The Bank of Russia has raised its key interest rate from 13% to 15%, a larger rise than expected.
Announcing the 200 basis point hike, the Bank of Russia says current inflationary pressures have significantly increased to a level above its expectations.
This is the third tightening of monetary policy since the summer. In August, Russia’s central bank lifted rates from 8.5% to 12%, after the rouble weakened through the 100-to-the-dollar mark, and followed this up with a rise to 13% in mid-September.
The Bank of Russia says it now expects annual inflation will range from 7.0 to 7.5% this year, well over its 4% target.
It expects inflation will decline to betwen 4% and 4.5% next year, “and stay close to 4% further on”.
Inflation has been lifted, in part, by the weak rouble, which has fallen from 75 to the dollar at the start of 2023 to around 100/$ earlier this month.
The central bank says:
Higher inflationary pressures are seen across an increasingly broader range of goods and services. This means that a steady rise in domestic demand is progressively exceeding the capabilities to expand the production of goods and the provision of services.
These conditions boost businesses’ appetite to pass higher costs on to consumers, which is driven among others by the weakening of the ruble and labour shortages.
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