Russia central bank raises rate to 19%

By Anjali Sharma

WASHINGTON – According to the Russia Central Bank in  astatement iisued on Friday said that the bank has increased its key interest rate from 18 per cent to 19 percent in an effort to curb inflation.

“By the end of 2024, annual inflation is likely to exceed the July forecast range of 6.5-7 per cent,” the statement said.

It noted that inflationary pressures remain high.

The central bank said that monetary tightening is needed to bring inflation down from the current 9.1 per cent to the target of 4 per cent by 2025, media reported.