Bank Of Baku

Russian Central Bank to raise key interest rate from 9.5% to 20%

Bank of Russia

© APA | Bank of Russia

# 28 February 2022 12:29 (UTC +04:00)

The Russian Central Bank will raise its key interest rate from 9.5% to 20% per annum, it said in a statement on Monday, APA reports citing CNN.

“External conditions for the Russian economy have drastically changed,” the bank said in the statement. “The increase of the key rate will ensure a rise in deposit rates to levels needed to compensate for the increased depreciation and inflation risks.”

“This is needed to support financial and price stability and protect the savings of citizens from depreciation.”

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