Eastern Europe

Russia Holds Rates Steady But Heralds Future Rise As Inflation Persistent

Russia Holds Rates Steady But Heralds Future Rise As Inflation Persistent
Image by Yuleka

Please Follow us on Gab, Minds, Telegram, Rumble,Truth Social, Gettr 

The Central Bank of Russia held rates steady recently but signaled a future rise as inflation remains persistently high.

  • “If the consistent inflation pressure does not start to ease and pro-inflation risks begin appearing, we allow for the possibility of a significant interest rate rise in July,” Central Bank head Elvira Nabiullina said in the press conference after the meeting. Nabiullina has said previously that she expects inflation to return to the Central Bank’s 4% target rate in 2025. Right now, inflation is running at 8%, reported Russian independent news outlet The Bell.
  • For the first time this year, there was disagreement among analysts about the bank’s decision in advance of Friday’s meeting. In a survey by news agency Bloomberg, a small minority predicted the bank would opt for a rate hike. In previous months, analysts have unanimously predicted that the rate would go unchanged.
  • The market is ready for rate rises, with banks announcing increases in advance of the meeting, as well as planning increases for next month. Gref explained the issue at the St. Petersburg forum: “The economy is seriously overheating. It’s growing at a rate faster than it can manage, which pushes up demand and inflation.”

‘NO AD’ subscription for CDM!  Sign up here and support real investigative journalism and help save the republic! 


Related articles

Video: Does Putin Believe Himself To Be The Savior Of Russia, Blessed By God?

L Todd Wood

Anti-Lukashenko Protests Have Pushed Belarus Deeper Into Russia’s Orbit

Nikola Mikovic

Kremlin: Grain Deal To Expire In July, ‘No Chance’ Of Extension

Jen Snow

Leave a Comment

Subscribe to our evening newsletter to stay informed during these challenging times!!