21 Jul 2023 14:01
Central Bank of Russia hikes rate for first time since Feb 2022, by 100 bps to 8.5%
MOSCOW. July 21 (Interfax) - The Central Bank of Russia's board of directors at its meeting on Friday decided to change the key rate for the first time since September 2022, by as much as 100 basis points to 8.5% per annum.
The rate was hiked from 9.5% to 20% in February 2022 but then lowered or held until September, since when it has been 7.5%.
Most analysts expected a 50 bps rise, but some though a bigger increment of 100 bps was possible.