Source: Bloomberg
“Russia is poised for another aggressive rate hike on Friday as the central bank continues to find little success in tackling inflation that has recently accelerated well above its forecast. The Bank of Russia is set to raise borrowing costs for the fourth time in a row — and by 200 basis points just like in October, according to six out of 12 economists surveyed by Bloomberg. Two foresee the benchmark climbing by 300 basis points to 24%, while Goldman Sachs International and HSBC Bank Plc suggest rate setters will put monetary tightening on hold at their Dec. 20 meeting. … Russia’s annual inflation accelerated again in November to 8.9% from 8.5% in the previous month, even after the central bank increased the key rate in October to a record-high 21%.” (12/20/24)