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Wednesday, April 24, 2024

The Russian central bank kept interest rates unchanged

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“In the medium term, inflationary risks remain on the upside,” the statement accompanying the decision said.

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Russia's central bank kept interest rates unchanged on Friday amid rising inflationary risks also linked to attacks in regions bordering Ukraine.

For the second straight session, policymakers left their key interest rate on hold at 16 percent, in line with the forecasts of economists polled by Bloomberg. Also, as it did last month, the Bank of Russia gave no signal about the likely direction of its next move.

“In the medium term, inflation risks remain on the upside,” the accompanying statement said. the decision. “The return of inflation to the 4% target in 2024 and its further stabilization at these levels presupposes the maintenance of restrictive monetary conditions for a long period of time”.

Areas such as Belgorod and Kursk have faced drone and missile attacks in recent weeks as part of Ukraine's campaign to target infrastructure and industrial facilities, including oil facilities, in an attempt to undermine Russia's war machine.

Traditionally affordable staples such as chicken may become more expensive as attacks continue in Belgorod, an important agricultural region that accounts for 14% of Russia's total livestock and poultry production.

Additionally, at least nine major refineries have been attacked this year with the result that, according to some estimates, 11% of the country's total capacity is currently out of service. Although there was little increase in costs at the pump inside Russia, the spate of attacks sent gasoline and diesel prices higher on the International Commodity Exchange in St. Petersburg.

Source: www.kathimerini.com.cy

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