Russia’s Central Bank decided to hold its key interest rate at 14% during its latest meeting on Friday, weighing inflation risks against the need to lower currently high borrowing costs for businesses and consumers as the Kremlin prioritizes spending on the war against Ukraine.
The move, which economists and market analysts widely expected, comes as spending on the war continues to strain the Russian government’s finances, while Ukrainian drone and missile attacks on energy infrastructure and commercial warehouses in recent months have raised the cost of some goods and services.
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