Friday , September 29 2023

Russia hikes rates to 13% in scramble to lower inflation and prop up the sagging ruble

Russian President Vladimir Putin takes part in a news conference after an EU-Russia Summit in Brussels January 28, 2014. Putin said on Tuesday it would honor its obligations to lend Ukraine $15 billion and reduce its gas prices even if the opposition formed the next government. REUTERS/Yves Herman

  • Russia’s central bank just hiked interest rates to 13% to lower inflation and prop up the ruble.

  • Central bankers have raised their inflation forecast for the year to 7.5% well-above the targeted 4%.

  • Meanwhile, the ruble is trading close to a 16-month low against the dollar.

Russia’s central bank…

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