Moscow, Oct 25, 2024 (AFP) - Russia hikes interest rates to 21%, highest since 2003

NAMPA / AFP

2024-10-25

Russia's central bank hiked interest rates to 21 percent on Friday, taking borrowing costs to their highest level in more than 20 years amid surging inflation. The rise takes rates above an emergency level introduced in February 2022 -- just after Moscow ordered troops into Ukraine -- and to their highest since 2003. "Further tightening of monetary policy is required to ensure the return of inflation to the target and reduce inflation expectation......

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