Russian central bank raises rates as inflation climbs


Elvira Nabiullina 2

Bank of Russia governor Elvira Nabiullina

Russia’s central bank raised its policy rate for the second time this year on April 23, as governor Elvira Nabiullina promised a firm monetary response to rising inflation.

The Bank of Russia’s board of directors raised its key rate by 50 basis points from 4.5% to 5%. The hike followed its March 19 decision to raise rates by 25bp, which was its first increase since late 2019.

Nabiullina told a press conference that the policy rate could still remain at 5% by the year’s end. “Such a scenario is

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