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Russian central bank hikes key rate to fight inflation

World News

26-07-2024 | 06:42

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Russian central bank hikes key rate to fight inflation

Russia's central bank raised its key interest to 18 percent on Friday, the sixth hike in just over a year as it seeks to tame soaring price rises.

"Inflation has accelerated and is running substantially above the Bank of Russia's April forecast," the regulator said in a statement. The rate was previously at 16 percent.

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