Bank of Russia increases key rate by 200 basis points to 18% per annum

MOSCOW: The board of directors of the Bank of Russia decided on Friday to increase the key rate for the first time since December 2023 - by 200 basis points to 18% per annum, saying that inflation has accelerated and is developing significantly above the regulator's April forecast. According to TASS, the Bank of Russia noted that it would consider the necessity of further key rate increase at its upcoming meetings. Source: Emirates News Agency