Russia's central bank raises key rate to 5.5 pct
According to the Russia's central bank, the inflation rate was caused due to faster growth of demand compared to output expansion capacity.
Russia's central bank announced Friday that it decided to increase its key interest rate by 0.5 percentage points to 5.5 percent.
The inflation rate, which was higher than the central bank's forecast, was caused due to faster growth of demand compared to output expansion capacity, the bank said in a statement.
"Given the monetary policy stance, annual inflation will return to the Bank of Russia's target in the second half of 2022 and will remain close to 4 percent further on," it added.
The central bank said that the prospects for global economic recovery are improving amid the gradual normalization of epidemic conditions around the world, which in turn "drives prices in global commodity markets higher."
Xinhua
RELATED NEWS
- India's bank rates kept unchanged to gain growth momentum
- Central bank further cuts benchmark interest rate to aid economy
- Central bank cuts interest rate
- Central bank targets credit growth of 12 percent in 2021
- State Bank of Vietnam cuts official interest rates
- More monetary easing measures forecast in 2020
- World Bank pegs Vietnam GDP growth at 3 percent
- Standard Chartered Lowers Vietnam’s 2021 Growth Forecast to 2.7%, Maintains 2022 Forecast at 7%
- Vietnam c.bank set for 5th policy rate cut to realize GDP growth target
TAG:
Today, 11:28
Unilumin Group launched brand-new LAMPRO at ISE 2023 
