The ruble has plummeted over 9% against the dollar and 6% against the yuan since the US imposed sanctions on approximately 50 Russian banks on November 21. This decline is intensifying pressure on the Bank of Russia to implement a significant interest rate hike to combat rising inflation.
The Bank of Russia has raised its key interest rate to a record 21%, exceeding the level set after the invasion of Ukraine, in response to ongoing inflationary pressures. The increase of 200 basis points was unexpected, as most economists anticipated a smaller hike of 100 basis points. Inflation remains significantly above the central bank's target of 4%.
The Bank of Russia is expected to raise its key interest rate to 20% in an effort to combat soaring inflation, a level last seen after the invasion of Ukraine. Economists predict this increase, while only two out of 11 analysts foresee the rate remaining at 19%, with some suggesting a potential for a larger hike.
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