Russia unexpectedly raises interest rates — RT Business

Russia unexpectedly raises interest rates — RT Business:



"The Central Bank of Russia has unexpectedly raised its key interest rate to 7.5 percent, despite earlier saying it wouldn’t change until June. Aimed at trimming inflation, it means more expensive loans and slows an economy that’s already losing steam.



The rate went up 50 basis points. The last time it was bumped up was in March to 7 percent, a 1.5 rise from the previous 5.5 percent rate.



Bank Chair Elvira Nabiullina previously said the institution would refrain from changing rates until the June meeting."



'via Blog this'