Russian Central Bank raises key lending rate to 17 percent

The Central Bank of Russia has decided to raise its key lending rate 6.5 percentage points to 17 percent per annum against the backdrop of a falling ruble and growing inflation expectations, the Central Bank said in a statement.

What awaits ruble the next year? Source: RIA Novosti

The Central Bank of Russia has decided to raise its key lending rate 6.5 percentage points to 17 percent per annum against the backdrop of a falling ruble and growing inflation expectations, the Central Bank said in a statement.

"From 16 December 2014 the Bank of Russia Board of Directors decided to raise the Bank of Russia key rate to 17 percent per annum. This decision is aimed at limiting substantially increased ruble depreciation risks and inflation risks," the Centurial Bank's report reads.

Read more: Medvedev urges Russia to address dependence on world oil prices>>>

Prime Minister Dmitry Medvedev has called on the country to reduce its dependence on oil prices and focus on developing high-tech commodities, amid predictions that the ailing Russian economy will slip into recession in 2015.

 

All rights reserved by Rossiyskaya Gazeta.

More exciting stories and videos on Russia Beyond's Facebook page

This website uses cookies. Click here to find out more.

Accept cookies