The Central Bank of Russia has decided to keep its key interest rate at 20% per annum.
According to CNBC and others on the 18th, the central bank explained that “in the rapidly changing external environment, the central bank’s rate hike blocked inflation.”
On the 28th of last month, the Central Bank of Russia raised the key interest rate to 20% from the previous 9.5% due to economic chaos caused by Russias military operation in Ukraine and Western sanctions against it.
