Russia’s central bank holds off on interest rate hike amid friction between inflation, war spending
Associated Press
Russia’s central bank has left its benchmark interest rate at a record 21%, holding off on further increases despite high consumer inflation fueled by the Kremlin’s war against Ukraine. The decision Friday comes amid criticism from influential business figures, including tycoons close to the Kremlin, that high rates are putting the brakes on business activity and the economy. And it underlines the ongoing friction in the economy between military spending and stable prices for consumers.
