Russia's central bank on Tuesday hiked interest rates by 350 points to 12% at an emergency meeting, as Moscow looks to halt a rapid depreciation of the ruble currency.
, as President Vladimir Putin's economic advisor, Maxim Oreshkin, penned an op-ed in Russian state-owned Tass news agency that blamed the plunging currency and the acceleration of inflation on the "loose monetary policy" of the central bank.subsequently announced an extraordinary meeting on Tuesday to reassess its key interest rate, which previously sat at 8.5%.
Russia's annual inflation rate stood at an annual 4.4% over the first seven days of August, and the Bank of Russia said that upward pressure has continued to mount, with current price growth over the last three months averaging an annualized 7.6% on a seasonally adjusted basis. Core inflation over the same period rose to 7.1%.
"Consequently, the pass-through of the ruble's depreciation to prices is gaining momentum and inflation expectations are on the rise."
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