Russia Unexpectedly Hikes Key Rate On Higher Inflation Risks; S&P Cuts Rating

Posted on Apr 25, 2014

Russia's central bank raised the main interest rate on Friday in a surprise move, citing a substantial increase in inflation risks amid the escalating tensions over Ukraine that hurt the economy and attracted a rating downgrade. The Board of Directors decided to raise the key rate to 7.5 percent per annum due to higher inflation risks, the Bank of Russia said in a statement.

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