What does raising interest rates in Russia to 200 basis points mean?
On October 25, according to China Central Television news, the Central Bank of Russia raised interest rates by 200 basis points, increasing the key rate from 19% to 21%.
On July 26, the Central Bank of Russia raised interest rates by 200 basis points, with the benchmark rate increasing from 16% to 18%, in line with market expectations.
On September 13, the Central Bank of Russia announced a 100 basis point increase in interest rates, raising the key rate from 18% to 19%.
The Central Bank of Russia stated that inflationary pressures remain high, and in July predicted that this year's inflation rate would be between 6.5% and 7.0%, but the actual situation may exceed this forecast.
The growth of domestic demand in Russia continues to far exceed the ability to supply goods and services.
To reduce inflation expectations and ensure that the inflation rate returns to target levels by 2025, the Central Bank of Russia needs to take additional monetary tightening measures. The Central Bank of Russia does not rule out the possibility of further raising the key rate.
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