By Alexander Marrow and Elena Fabrichnaya (Reuters) - Accelerating inflation will force Russia to maintain double-digit interest rates deep into next ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSBy Alexander Marrow and Elena Fabrichnaya
The rouble strengthened sharply in mid August after hitting a near 17-month low of 101.75 to the dollar, as the central bank hiked its key rate by 350 basis points to 12% at an emergency meeting. The rouble's weakening -- it has lost almost a quarter in value this year -- is adding to already significant inflationary pressure from Russia's wide budget deficit, a strained labour market and strong consumer demand.
Analysts envisage the bank's key rate remaining at 12% until year end and only dropping below 10% in the fourth quarter of 2024. The bank next meets to set rates on Sept. 15.
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