The Bank of Russia follows suit.  Another blow to Putin’s compatriots’ wallets

Presidential elections in Russia are scheduled for mid-March 2024. The confirmed candidate – in the literal sense of the word – is, of course, Vladimir Putin. However, this does not change the fact that he has to talk about uncomfortable topics during the election campaign. This is undoubtedly the growing inflation in the Russian Federation.

But let’s return to what the Kremlin claims. Putin admitted on Thursday (December 13) that the level of inflation at the end of the year will reach about 8%. He also confirmed that the central bank is dealing with the situation. On Friday, those words were confirmed.

The rest of the article is below the video

See also: How to get out of the crisis? What’s next for the photovoltaics market in Poland? – Davut Zelensky – Business Class No. 8

Another blow to the wallets of Russian borrowers

The Bank of Russia on Friday raised its key interest rate from 15%. Up to 16 percent, according to Bloomberg This is the highest level since April 2022, almost since the start of the invasion of Ukraine.

The fifth consecutive increase will lead, among other things, to: an increase in loan installments for Russians. The series was launched in August this year at an extraordinary meeting. Then the key rate rose from 8.5%. Up to 12 percent More importantly, the Bank of Russia announced that it will also tighten its belt next year, although this does not necessarily mean further increases.

– Until we see a sustainable trend of slowing price growth and lowering inflation expectations, The base rate will remain high as long as necessary – said Elvira Nabiullina, Head of the Central Bank of the Russian Federation.

What, according to the Bank of Russia, is the reason for high inflation? Nabiullina noted, among other things: the weak ruble exchange rate, unsatisfactory demand, linked to sanctions and the lack of Western brands on the market.

Rate the quality of our article:

Your feedback helps us create better content.

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Nine weeks in Ukraine is like nine years in Afghanistan. They counted Russia’s losses. war in ukraine

“We estimate that about 15,000 Russian soldiers were killed in the attack,”…

They checked where the Russians were flying. Radars don’t lie – O2

After Russia invaded Ukraine on February 24, 2022, the European Union banned…

Putin and Xi Jinping: The talks are without results, and the Kremlin is without economic support

Although Putin described Xi as a “dear friend,” praised Beijing for the…

Crisis on the Polish-Belarusian border. Wojciech Berzozovsky, Deputy Ombudsman on the history of the Syrians, the lack of holidays at the border and the actions of the Lukashenko regime

The Deputy Ombudsman, Wojciech Brzozowski, discusses the situation of immigrants used by…