Central Bank of Russia Hikes Policy Rate by 100 bps to 8.5% as Expected

The Central Bank of Russia announced on Friday that it raised its policy rate by 100 basis points to 8.5% from 7.5%. This decision came in line with the market expectation.

“If the situation develops in line with the baseline forecast, the Bank of Russia holds open the prospect of a further key rate increase at its upcoming meetings.” Said the bank.