Russia’s central bank hikes interest rates as inflation continues to spiral
Posted on AllSides July 28th, 2024
From The Left
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Maxim Shemetov/Reuters
Russia’s central bank hiked its key interest rate to 18% on Friday as the country grapples with rising inflation, Reuters reported.
It came as Russian businesses are reportedly struggling to carry out transactions even with friendly countries like China and Turkey as US sanctions mount. Washington widened the scope of secondary sanctions in June in an effort to undermine Moscow’s attempts to circumvent blocks on key resources.