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CBR Hike Key Rate 350bps to 12.0%

RUSSIA
Key highlights from the release:
  • This decision was made in order to limit risks to price stability.
  • The pass-through effect of the ruble depreciation to prices increases and inflation expectations rise.
  • Going forward, maintaining the current rate of price growth at the achieved levels means a significant risk of inflation deviating upwards from the target in 2024.
  • The Bank of Russia will make further decisions on the key rate, taking into account the actual and expected inflation dynamics relative to the target.

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